#Banknifty directions and level for August 29th.
Bank Nifty
Current View:
The Bank Nifty chart is saying that if the market opens with a gap-down, then it may continue the correction, reaching a minimum of 61% with some minor consolidation. After that, if it finds support there, we can expect a maximum bounce of 23% to 38%. Structurally, it won’t sustain. Once it rejects there, then the correction will likely continue.
Alternate View:
Alternatively, if the initial market takes a solid bounce back and breaks the 38% Fibonacci level in the minor swing, then it may turn into a range market.
Current View:
The Bank Nifty chart is saying that if the market opens with a gap-down, then it may continue the correction, reaching a minimum of 61% with some minor consolidation. After that, if it finds support there, we can expect a maximum bounce of 23% to 38%. Structurally, it won’t sustain. Once it rejects there, then the correction will likely continue.
Alternate View:
Alternatively, if the initial market takes a solid bounce back and breaks the 38% Fibonacci level in the minor swing, then it may turn into a range market.
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