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#Banknifty directions and levels for May 23.

Nifty Bank Index (NSE:BANKNIFTY)  
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NSE:BANKNIFTY   Nifty Bank Index
Harmonic Patterns Chart Patterns Elliott Wave BANKNIFTY bankniftytradesetup bankniftytrend bankniftyanalysis bankniftyview bankniftytrading bankniftyintradaylevels
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harmonicpatterns chartpattern elliottwaves banknifty bankniftytradesetup bankniftytrend bankniftyanalysis bankniftyview bankniftytrading bankniftyintradaylevels
BankNifty presents a different scenario from Nifty, with its structure indicating a range-bound market. If the gap-down sustains, we can expect a minimum level of 47,547. If it then faces a sharp rejection, the range is likely to continue. However, if it breaks 47547, it could reach47340 to 47256.

Alternatively, if the gap-down doesn't sustain and the market pulls back initially, we can expect a minimum level of 48,083. Following this, if it faces a sharp rejection, the range is likely to continue. If it breaks 48,083, it could move up to 48,166 to 48,259.
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