#Banknifty directions and levels for September 20th.
Banknifty:
Current view:
The current view is similar to Nifty. If the market declines after an initial pullback, we can expect a correctional target at the 50% Fibonacci level on the downside. Structurally, it might not sustain there. However, a proper trend reversal (for a correction) will occur only if it breaks the 50% level. This is our first variation.
Alternate view:
The alternate view suggests that if the gap-up sustains, Banknifty could reach the supply zone on the upside (53,419 to 53,491). This is a crucial level in the current structure. Once the market reaches this zone, there is a high probability of rejection, which means we could expect a 61% to 78% correction in the minor swing. Structurally, this indicates a diagonal pattern. However, a rally could be expected only if the supply zone is broken effectively.
Current view:
The current view is similar to Nifty. If the market declines after an initial pullback, we can expect a correctional target at the 50% Fibonacci level on the downside. Structurally, it might not sustain there. However, a proper trend reversal (for a correction) will occur only if it breaks the 50% level. This is our first variation.
Alternate view:
The alternate view suggests that if the gap-up sustains, Banknifty could reach the supply zone on the upside (53,419 to 53,491). This is a crucial level in the current structure. Once the market reaches this zone, there is a high probability of rejection, which means we could expect a 61% to 78% correction in the minor swing. Structurally, this indicates a diagonal pattern. However, a rally could be expected only if the supply zone is broken effectively.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.