#Banknifty directions and levels for December 18th.
Current View:
Today, the market may start negatively, based on the Gift Nifty sentiment. If this happens, we can expect a minimum correction down to 78% retracement level. After this correction, if there is a rejection, a 23% to 38% bounce back could follow.
However, it is crucial to note that unless the market breaks the 38% retracement level, we cannot expect a further pullback continuation. This means the market’s bias will remain bearish until the 38% level is breached.
Alternate View:
The alternate view suggests that if the correction develops into a solid structure, it could continue further with some consolidation. In this case, we can use the EMA20 as a marker for potential reversals.
This means the solid correction will likely persist until the market breaks above the EMA20 level. However, it is important to note that the EMA20 is reliable only during solid movements. If the market undergoes prolonged consolidation, the EMA20 could generate false signals.
Today, the market may start negatively, based on the Gift Nifty sentiment. If this happens, we can expect a minimum correction down to 78% retracement level. After this correction, if there is a rejection, a 23% to 38% bounce back could follow.
However, it is crucial to note that unless the market breaks the 38% retracement level, we cannot expect a further pullback continuation. This means the market’s bias will remain bearish until the 38% level is breached.
Alternate View:
The alternate view suggests that if the correction develops into a solid structure, it could continue further with some consolidation. In this case, we can use the EMA20 as a marker for potential reversals.
This means the solid correction will likely persist until the market breaks above the EMA20 level. However, it is important to note that the EMA20 is reliable only during solid movements. If the market undergoes prolonged consolidation, the EMA20 could generate false signals.
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