#Banknifty directions and levels for May 8th.
Banknifty also has a similar sentiment. If the initial market decline occurs, then we can expect a correction to a minimum of 48128 or 47992 levels. After that, if it finds support there, then we can expect a pullback that may retrace a minimum of 38 to 50%.
However, if it doesn't find support or consolidates there, then the correction will likely continue, and we can fix our next target Fibonacci level 38% (47856).
The alternate variation is similar to Nifty: if the market takes a pullback initially, then the Fibonacci level 38% (upside) may act as a strong resistance. If it rejects there, then we can expect a range market. After that, if it breaks the range either upside or downside, we can follow the direction.
However, if it doesn't find support or consolidates there, then the correction will likely continue, and we can fix our next target Fibonacci level 38% (47856).
The alternate variation is similar to Nifty: if the market takes a pullback initially, then the Fibonacci level 38% (upside) may act as a strong resistance. If it rejects there, then we can expect a range market. After that, if it breaks the range either upside or downside, we can follow the direction.