#Banknifty Directions and Levels for Jan 9What to Expect Today?
In the previous session, both Nifty and Bank Nifty took a decline. Still, their structures seem a little different.
Current View:
Based on the structure, the Nifty current view suggests: If the market opens with a decline, we can expect a minimum correction in the pullback zone. After that, if the market consolidates or breaks this level, we can expect further correction. On the other hand, if it faces solid rejection, it could bounce back with a minimum of 23% to 38% in the minor swing.
The Bank Nifty current view is similar to Nifty's—there are no big changes.
Alternate View:
for nifty, The alternate view suggests: If the market opens with a pullback, it could reach the 38% to 50% Fibonacci level in the minor swing. However, this is a major resistance area, so we can mostly expect rejection there.
Bank Nifty's alternate view differs slightly: If the market pulls back and sustains around the immediate resistance level, we can expect further continuation. This is because the structure seems like a diagonal pattern, so a breakout could lead to a long wave.
Note: Please confirm the proper resistance breakout.
