#Banknifty directions and level for September first week.
Bank Nifty:
Structurally, Bank Nifty differs from Nifty. However, if this week starts positively, we can expect it to reach at least the 78% Fibonacci level on the upside. in this case,
> If the market takes time to reach that level, it may undergo a correction of 23% to 38% in the minor swing. This means if it reaches the 78% level gradually, it may lead to a minor correction.
>On the other hand, if the market reaches that level solidly (78%), the rally will likely continue to the next supply zone (52,035).
Alternate View:
The alternate view suggests that if this week starts with a negative candle, then structurally, we can expect a range-bound market, which means a flat correction. In this case, if the market breaks the demand zone aggressively, it may reach a minimum of the 78% Fibonacci level down to the swing low in the minor swing.
Structurally, Bank Nifty differs from Nifty. However, if this week starts positively, we can expect it to reach at least the 78% Fibonacci level on the upside. in this case,
> If the market takes time to reach that level, it may undergo a correction of 23% to 38% in the minor swing. This means if it reaches the 78% level gradually, it may lead to a minor correction.
>On the other hand, if the market reaches that level solidly (78%), the rally will likely continue to the next supply zone (52,035).
Alternate View:
The alternate view suggests that if this week starts with a negative candle, then structurally, we can expect a range-bound market, which means a flat correction. In this case, if the market breaks the demand zone aggressively, it may reach a minimum of the 78% Fibonacci level down to the swing low in the minor swing.
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