Banknifty directions and levels for August 4th week.
Banknifty - Current View:
If the market starts with a bullish bias in the upcoming session, then it may face rejection around the 50,969 to 51,151 level. If that happens, it may retrace a minimum of 23% to 38%. After that, if it finds support around the 38% level, the bullish sentiment will continue, and we can expect a rally once it breaks the previous high again. On the other hand, if it breaks below the 38% Fibonacci level, it may enter a correction phase. The correctional targets are expected to be a minimum of 61% to 78%.
"This sentiment will apply to the scenario where the upcoming session does not break the previous high or where there is an immediate decline. You can use this sentiment in such cases. This is our first variation."
Alternate View:
The alternate view suggests that if the initial pullback sustains or breaks the 51,151 level, then the rally will continue with some minor consolidation. In this case, the targets are expected to be a minimum of 61% to 51,563. If the rally faces rejection around the 51,563 level, we can expect a minor correction of 23% to 38%. This correction is minor
If the market starts with a bullish bias in the upcoming session, then it may face rejection around the 50,969 to 51,151 level. If that happens, it may retrace a minimum of 23% to 38%. After that, if it finds support around the 38% level, the bullish sentiment will continue, and we can expect a rally once it breaks the previous high again. On the other hand, if it breaks below the 38% Fibonacci level, it may enter a correction phase. The correctional targets are expected to be a minimum of 61% to 78%.
"This sentiment will apply to the scenario where the upcoming session does not break the previous high or where there is an immediate decline. You can use this sentiment in such cases. This is our first variation."
Alternate View:
The alternate view suggests that if the initial pullback sustains or breaks the 51,151 level, then the rally will continue with some minor consolidation. In this case, the targets are expected to be a minimum of 61% to 51,563. If the rally faces rejection around the 51,563 level, we can expect a minor correction of 23% to 38%. This correction is minor
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