#Banknifty directions and levels for May 9th.
BankNifty is structurally a little different from Nifty. If the market takes a pullback initially, we can expect a minimum of 38% on the upside. After that, if it rejects there (around 38%), it may undergo consolidation between the previous low to 38% for correction. on the other hand, if the pullback breaks the Fibonacci level 38% (upside), then it may continue further.
The alternate variation is a little different. If the market opens with a gap-down and breaks the previous bottom, then the level of 47,786 will act as a minor support level. If the market finds support there, then the range between 47,786 to 38% (upside) will continue.
However, if the gap-down breaks it solidly, then the correction will likely continue, and it may reach a minimum of 47,669 to 47,564
The alternate variation is a little different. If the market opens with a gap-down and breaks the previous bottom, then the level of 47,786 will act as a minor support level. If the market finds support there, then the range between 47,786 to 38% (upside) will continue.
However, if the gap-down breaks it solidly, then the correction will likely continue, and it may reach a minimum of 47,669 to 47,564