#Banknifty directions and levels for June 13th.
Good morning, friends! 🌺🍬 Here are the directions for June 13th:
There are still no significant changes in the global and our markets. They are maintaining a moderately bullish sentiment. Today, the market may open with a gap-up start, as indicated by GiftNifty, which shows an increase of 83 points.
Both Nifty and Bank Nifty still have the same range-bound sentiment.
As per the wave structure, the consolidation might be the 4th correction and a 5th ending diagonal pattern. So today, if the pullback rejects around the immediate resistance level (50347 for banknifty), we can expect a trend reversal.
If you want confirmation of the reversal, you can apply EMA20 or a 38% Fibonacci level breakout in the minor swing. If you feel this signal shows slow movement, you can use structure analysis. If the pullback moves with grinding, it might reverse there.
However, everything is a possibility for reversal. We can also see a continuation variation: if the pullback sustains there or if it has a sharp and solid structure, then the pullback will likely continue further. This is the first variation, meaning if the market sustains the gap-up, we can expect these sentiments.
On the other hand, if the gap-up doesn't sustain or if it declines initially, then the range-bound market might continue further.
There are still no significant changes in the global and our markets. They are maintaining a moderately bullish sentiment. Today, the market may open with a gap-up start, as indicated by GiftNifty, which shows an increase of 83 points.
Both Nifty and Bank Nifty still have the same range-bound sentiment.
As per the wave structure, the consolidation might be the 4th correction and a 5th ending diagonal pattern. So today, if the pullback rejects around the immediate resistance level (50347 for banknifty), we can expect a trend reversal.
If you want confirmation of the reversal, you can apply EMA20 or a 38% Fibonacci level breakout in the minor swing. If you feel this signal shows slow movement, you can use structure analysis. If the pullback moves with grinding, it might reverse there.
However, everything is a possibility for reversal. We can also see a continuation variation: if the pullback sustains there or if it has a sharp and solid structure, then the pullback will likely continue further. This is the first variation, meaning if the market sustains the gap-up, we can expect these sentiments.
On the other hand, if the gap-up doesn't sustain or if it declines initially, then the range-bound market might continue further.
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