#Banknifty direction's and levels for August 16th.
Bank Nifty has a range-bound market structure. There are two possible scenarios:*
1. *If the market finds support around at the 78% Fibonacci level, we can expect a bounce back that may once again reach today's high.*
2. *If the market consolidates around those support levels, (the 78% Fibonacci level), then the correction may continue further.*
*In my personal opinion, if you're a conservative trader, it's advisable to go with the latter scenario(2nd one), as there is a 60% probability of success.*
1. *If the market finds support around at the 78% Fibonacci level, we can expect a bounce back that may once again reach today's high.*
2. *If the market consolidates around those support levels, (the 78% Fibonacci level), then the correction may continue further.*
*In my personal opinion, if you're a conservative trader, it's advisable to go with the latter scenario(2nd one), as there is a 60% probability of success.*
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