#Banknifty directions and levels for May 7th.
Both Nifty and Bank Nifty have the same consolidation structure. If the market initially takes a pullback, then we can expect a minimum of 61% pullback. After that, if it rejects sharply, then it might correct again, meaning it may return to its morning opening level.
However, if it sustains around 61%, then the rally will likely continue with minor consolidation.
Alternatively, if the market declines initially or if the market opens with a gap-down, then we can expect a minor correction only because there is going to be a range market, so we can anticipate only a minor correction. However, if it forms a solid correctional formation (solid red candle), you can try a range breakout entry.
However, if it sustains around 61%, then the rally will likely continue with minor consolidation.
Alternatively, if the market declines initially or if the market opens with a gap-down, then we can expect a minor correction only because there is going to be a range market, so we can anticipate only a minor correction. However, if it forms a solid correctional formation (solid red candle), you can try a range breakout entry.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.