#Banknfity directions and levels for February 2nd.
#Banknifty
Banknifty is also forming a consolidation followed by a strong pullback. If the market takes a solid rally, then we can consider that as the 3rd extension. If this occurs, the subsequent correction might be short, ranging from 23% to 38%. This also indicates further trend continuation.
Alternatively, if the market doesn't reach the immediate resistance with a solid structure, then it might turn into correction when it reaches the immediate resistance. The previous consolidation will be considered as the 4th, and the upcoming pullback will be considered as the 5th. If it rejects around the immediate resistance, then we can expect a correction.
Banknifty is also forming a consolidation followed by a strong pullback. If the market takes a solid rally, then we can consider that as the 3rd extension. If this occurs, the subsequent correction might be short, ranging from 23% to 38%. This also indicates further trend continuation.
Alternatively, if the market doesn't reach the immediate resistance with a solid structure, then it might turn into correction when it reaches the immediate resistance. The previous consolidation will be considered as the 4th, and the upcoming pullback will be considered as the 5th. If it rejects around the immediate resistance, then we can expect a correction.