Bank Nifty:
> As per the weekly analysis, we expect the rally to sustain at the 78% Fibonacci level, and if it does, the rally could continue further. However, yesterday the market sharply rejected the 78% level, indicating an alternate view.
> According to this alternate view, we can initially expect a range market if today's market finds support around the immediate support level. If this happens, we can expect a minor pullback of 38% to 50%. This is our first variation.
> The alternate variation indicates that if the correction shows aggression, we can expect the correction to continue with some minor consolidations.
> As per the weekly analysis, we expect the rally to sustain at the 78% Fibonacci level, and if it does, the rally could continue further. However, yesterday the market sharply rejected the 78% level, indicating an alternate view.
> According to this alternate view, we can initially expect a range market if today's market finds support around the immediate support level. If this happens, we can expect a minor pullback of 38% to 50%. This is our first variation.
> The alternate variation indicates that if the correction shows aggression, we can expect the correction to continue with some minor consolidations.
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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.