#Banknifty directions and levels for September 19th.
Bank Nifty:
Current View:
Here, too, we expect a correctional target at the 38% level on the downside. After that, if the market breaks or consolidates around the 38% mark, the correction is likely to continue.
> A notable point here is the pullback around the 38% level. If the market finds support and bounces back, structurally, it won't move significantly higher. We can also expect the continuation of the correction if it breaks the previous low.
Alternate View:
The alternate view for Bank Nifty is similar to that of Nifty. If the gap-up sustains, we might see some consolidation between the previous high and the previous day's closing. If it breaks the previous high afterward, the rally will likely continue; however, we should wait for the breakout to confirm directional momentum.
Current View:
Here, too, we expect a correctional target at the 38% level on the downside. After that, if the market breaks or consolidates around the 38% mark, the correction is likely to continue.
> A notable point here is the pullback around the 38% level. If the market finds support and bounces back, structurally, it won't move significantly higher. We can also expect the continuation of the correction if it breaks the previous low.
Alternate View:
The alternate view for Bank Nifty is similar to that of Nifty. If the gap-up sustains, we might see some consolidation between the previous high and the previous day's closing. If it breaks the previous high afterward, the rally will likely continue; however, we should wait for the breakout to confirm directional momentum.
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