#Banknifty directions and levels for August 9th.
Bank Nifty:
Bank Nifty is also maintaining its consolidation. If the gap-up sustains and breaks the level of 50,468, then we can expect the next targets to be 50,688 and 50,823.
> Here, we have the same sentiment as in Nifty: after the pullback, if it sharply rejects around the level of 50,823, the market may enter a correction phase. Targets are expected to range between 38% to 78% of the minor swing.
> On the other hand, if it consolidates or breaks solidly above the level of 50,823 on the upside, then the rally will likely continue.
The alternative scenario is if the gap-up doesn't sustain or if the market initially declines, then the range-bound market will likely continue.
Bank Nifty is also maintaining its consolidation. If the gap-up sustains and breaks the level of 50,468, then we can expect the next targets to be 50,688 and 50,823.
> Here, we have the same sentiment as in Nifty: after the pullback, if it sharply rejects around the level of 50,823, the market may enter a correction phase. Targets are expected to range between 38% to 78% of the minor swing.
> On the other hand, if it consolidates or breaks solidly above the level of 50,823 on the upside, then the rally will likely continue.
The alternative scenario is if the gap-up doesn't sustain or if the market initially declines, then the range-bound market will likely continue.
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