#Banknifty directions and levels for September 10th.
Current View:
> Bank Nifty is also showing an unclear trend. If the market opens with a gap-up, it might reach the 78% Fibonacci level. If it consolidates or breaks above this level, the rally may continue further.
> on the other hand, If the market rejects the 78% level, it could retrace min of 38% Fibonacci level in the minor swing.
Alternate View:
> Alternatively, if the gap-up doesn’t sustain or if the market rejects around the immediate resistance level, it may retrace to a minimum of 38% in the minor swing. However, the correction will only continue if it breaks the 38% Fibonacci level. If that happens, we can expect the next corrective target to be 50% and 78% in the minor swing.
> Bank Nifty is also showing an unclear trend. If the market opens with a gap-up, it might reach the 78% Fibonacci level. If it consolidates or breaks above this level, the rally may continue further.
> on the other hand, If the market rejects the 78% level, it could retrace min of 38% Fibonacci level in the minor swing.
Alternate View:
> Alternatively, if the gap-up doesn’t sustain or if the market rejects around the immediate resistance level, it may retrace to a minimum of 38% in the minor swing. However, the correction will only continue if it breaks the 38% Fibonacci level. If that happens, we can expect the next corrective target to be 50% and 78% in the minor swing.
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