#Banknifty directions and levels for January 20th, Tuesday:Bank Nifty Current View:
The structure seems similar to Nifty. If the market sustains the gap-up, we can expect a minimum pullback of 50% to 61% initially. After that, if it consolidates, the rally will likely continue. Structurally, we can expect the continuation of the rally; however, we should approach this properly, as we can expect the rally only if it breaks the 61% mark.
Alternate View:
The alternate view suggests that if the gap-up doesn’t sustain, we can expect a correction of 78% to the minor pullback zone. This is a major support level, so if it finds support there, we can expect a minimum pullback of 23% to 38% in the minor swing. On the other hand, if it breaks the minor pullback zone, we can expect the continuation of the correction, targeting a minimum of 47873 to 47708.
