#BankNifty directions and levels for May 22nd.
BankNifty is forming a gramophone structure, which is a consolidation pattern. We can expect a rally only if it breaks the immediate resistance at 48,195 with minor consolidation. If this happens, the next target should be a minimum of 48,360, up to the 50% Fibonacci level.
Alternatively, if the market rejects around 48,195 or if there are sharp declines initially, we can expect a correction to a minimum of the 38% Fibonacci level.
Alternatively, if the market rejects around 48,195 or if there are sharp declines initially, we can expect a correction to a minimum of the 38% Fibonacci level.