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.
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.
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.
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.