#Banknifty directions and levels for DEC 18th
"Good morning, friends. Directions for December 18th: The global market sentiment is bullish, supported by the Dow Jones. However, our local market sentiment shows a bullish trend. It might open with a neutral to slightly gap-down start based on Giftnifty, which shows -60.
After that, if the gap-down sustains, we can expect a minimum of 23 to 38% fib correction. After that, if the market takes support there (38%), then it might turn into a range market. However, if it breaks the fib level of 38%, then the correction is likely to continue with minor pullbacks.
On the other hand, if the gap-down doesn't sustain and takes a pullback initially, then we can expect pullback continuation when it breaks the immediate resistance."
After that, if the gap-down sustains, we can expect a minimum of 23 to 38% fib correction. After that, if the market takes support there (38%), then it might turn into a range market. However, if it breaks the fib level of 38%, then the correction is likely to continue with minor pullbacks.
On the other hand, if the gap-down doesn't sustain and takes a pullback initially, then we can expect pullback continuation when it breaks the immediate resistance."
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