#Banknifty directions and levels for September 30th.
Bank Nifty Current View:
Bank Nifty reflects the same sentiment as Nifty. If the market finds support around the immediate support level (23%), we can expect a minimum bounce back of 38% to 61%. It looks like a range-bound market. If this occurs, the next movements will be determined by whether it breaks the previous high or the downside Fibonacci level of 23%. This is our first variation.
Alternate View:
The alternate view suggests that if the gap-down sustains and breaks the immediate support level, then the correction is likely to continue down to the minimum level of Fibonacci 53389 to the 38% Fibonacci level.
Bank Nifty reflects the same sentiment as Nifty. If the market finds support around the immediate support level (23%), we can expect a minimum bounce back of 38% to 61%. It looks like a range-bound market. If this occurs, the next movements will be determined by whether it breaks the previous high or the downside Fibonacci level of 23%. This is our first variation.
Alternate View:
The alternate view suggests that if the gap-down sustains and breaks the immediate support level, then the correction is likely to continue down to the minimum level of Fibonacci 53389 to the 38% Fibonacci level.
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