#Banknifty directions and levels for JAN 12.
#Banknifty
Banknifty has also progressed in sub-wave 4th (expanding diagonal). So, if it opens with a gap-up, there might be an undergo a 5th sub-wave. It may reach a minimum of 47,741 to the fib level 50%; after that, if it rejects sharply around there, then we can complete sub-wave 5th and anticipate the correctional (ABC) wave. This is the basic structure; however, if the market sustains or consolidates around there, then the 5th might extend.
Bearish aspect: If the gap-up doesn't sustain or if it opens with a gap-down, it may take a range market structure. Alternatively, if it breaks the previous low, then we can expect correction continuation.
Banknifty has also progressed in sub-wave 4th (expanding diagonal). So, if it opens with a gap-up, there might be an undergo a 5th sub-wave. It may reach a minimum of 47,741 to the fib level 50%; after that, if it rejects sharply around there, then we can complete sub-wave 5th and anticipate the correctional (ABC) wave. This is the basic structure; however, if the market sustains or consolidates around there, then the 5th might extend.
Bearish aspect: If the gap-up doesn't sustain or if it opens with a gap-down, it may take a range market structure. Alternatively, if it breaks the previous low, then we can expect correction continuation.