#Banknifty directions and levels for January 6th, Monday:
Bank Nifty Current View:
The current view for Bank Nifty is similar to that of Nifty. If the market opens with a gap-up, the 38% level will act as a resistance. This means that until this level is broken, the market will maintain a bearish bias. However, if it breaks the 38% level, we can expect a minimum target of 51379 to 51508, with 51508 being a major resistance.
> After reaching 51508, if it consolidates or breaks this level, we can expect further continuation of the pullback. Conversely, if it rejects this level, we can expect a correction.
Alternate View:
An alternate scenario suggests that if the gap-up doesn't sustain and breaks the previous low, the correction will likely continue to the 78% level at 50620, which is the bottom of the range. Therefore, we should wait for a breakout, or if it pulls back, we can check for reversal confirmation before entering a long position.
The current view for Bank Nifty is similar to that of Nifty. If the market opens with a gap-up, the 38% level will act as a resistance. This means that until this level is broken, the market will maintain a bearish bias. However, if it breaks the 38% level, we can expect a minimum target of 51379 to 51508, with 51508 being a major resistance.
> After reaching 51508, if it consolidates or breaks this level, we can expect further continuation of the pullback. Conversely, if it rejects this level, we can expect a correction.
Alternate View:
An alternate scenario suggests that if the gap-up doesn't sustain and breaks the previous low, the correction will likely continue to the 78% level at 50620, which is the bottom of the range. Therefore, we should wait for a breakout, or if it pulls back, we can check for reversal confirmation before entering a long position.
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