#Banknifty directions and levels for August 26th.
Bank Nifty
> In the previous session, Bank Nifty also closed with a consolidation structure.
> SO, If the gap-up sustains and breaks the consolidation, it could reach a minimum of 51,214 or the 61% Fibonacci level.
> The structure is also important here; if it breaks the consolidation with a solid candle, the rally will likely continue with some consolidation. On the other hand, if it moves gradually, it may not have a long rally.
> An alternative scenario is similar to Nifty: if the gap-up doesn't sustain or if the market declines initially, then the 38% Fibonacci level will act as support. In this case, after the decline, if it finds support at the 38% level, the bullish bias is likely to continue. However, if it breaks the 38% level, it may fall further to the 50% level or swing low on the downside.
> In the previous session, Bank Nifty also closed with a consolidation structure.
> SO, If the gap-up sustains and breaks the consolidation, it could reach a minimum of 51,214 or the 61% Fibonacci level.
> The structure is also important here; if it breaks the consolidation with a solid candle, the rally will likely continue with some consolidation. On the other hand, if it moves gradually, it may not have a long rally.
> An alternative scenario is similar to Nifty: if the gap-up doesn't sustain or if the market declines initially, then the 38% Fibonacci level will act as support. In this case, after the decline, if it finds support at the 38% level, the bullish bias is likely to continue. However, if it breaks the 38% level, it may fall further to the 50% level or swing low on the downside.
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