#BankNifty Directions and levels for the 2nd Week of September
#Bank Nifty
Current View
If the week starts negatively, we can expect a correctional target of at least 49894 to 49697 on the downside. In the meantime, consolidation may occur around the 50262 level (78%).
In this case, the levels of 49894 (MDZ) and 49697 will act as key support zones. After the market reaches these levels, we could see a bounce of 23% to 28% in the current swing. This is our first scenario.
Alternate Scenario
If the correction finds rejection around the immediate support and breaks the 38% Fibonacci level in the minor swing, it could become a range-bound market, targeting between 50% and 78% in the minor swing.
Current View
If the week starts negatively, we can expect a correctional target of at least 49894 to 49697 on the downside. In the meantime, consolidation may occur around the 50262 level (78%).
In this case, the levels of 49894 (MDZ) and 49697 will act as key support zones. After the market reaches these levels, we could see a bounce of 23% to 28% in the current swing. This is our first scenario.
Alternate Scenario
If the correction finds rejection around the immediate support and breaks the 38% Fibonacci level in the minor swing, it could become a range-bound market, targeting between 50% and 78% in the minor swing.
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