#Banknifty directions and levels for December 16th.
Bank Nifty Current View:
This also looks like the Nifty sentiment; if the market takes a pullback after the gap-down start, we can expect the rally to continue. However, confirmation should be considered from an effective break of the MSZ mark. This is the basic structure; until this zone is broken, we can expect minor consolidation.
Alternate View:
The alternate view suggests that if the market sustains the gap-down and breaks the 53450 mark, it could reach a minimum of 23% to a maximum of 38%. Structurally, it won’t break 38%. However, if it does break, then it will reach the 50% and 78% Fibonacci levels in the recent swing. Simply put, if you find a three-wave structure while it reaches this level, we can expect a bounce back, which indicates a bullish structure. However, if it reaches the 38% level in a straight line, it will likely continue further once it breaks the 38% mark.
This also looks like the Nifty sentiment; if the market takes a pullback after the gap-down start, we can expect the rally to continue. However, confirmation should be considered from an effective break of the MSZ mark. This is the basic structure; until this zone is broken, we can expect minor consolidation.
Alternate View:
The alternate view suggests that if the market sustains the gap-down and breaks the 53450 mark, it could reach a minimum of 23% to a maximum of 38%. Structurally, it won’t break 38%. However, if it does break, then it will reach the 50% and 78% Fibonacci levels in the recent swing. Simply put, if you find a three-wave structure while it reaches this level, we can expect a bounce back, which indicates a bullish structure. However, if it reaches the 38% level in a straight line, it will likely continue further once it breaks the 38% mark.
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