#Banknifty directions and levels for October 1st.
ank Nifty Current View:
The current view is similar to the Nifty sentiment; if the market opens with a gap-up or takes support around the immediate support level, it could retrace a maximum of 23% to 38%. Structurally, it won't sustain there, so it may undergo some consolidation between the current low and the 38% Fibonacci level in the minor swing. . Afterward, we can follow the direction—whether it breaks the previous low or the 38% Fibonacci level. This is our first variation
Alternate View:
The alternate view states that if the initial market declines and sustains, we can expect a minimum correction to the levels of 52,722 to 52,629, which are major support levels. If it rejects at this level, we can expect a minor swing bounce-back of 23% to 38%. On the other hand, if it breaks or consolidates below these levels, the correction will likely continue.
The current view is similar to the Nifty sentiment; if the market opens with a gap-up or takes support around the immediate support level, it could retrace a maximum of 23% to 38%. Structurally, it won't sustain there, so it may undergo some consolidation between the current low and the 38% Fibonacci level in the minor swing. . Afterward, we can follow the direction—whether it breaks the previous low or the 38% Fibonacci level. This is our first variation
Alternate View:
The alternate view states that if the initial market declines and sustains, we can expect a minimum correction to the levels of 52,722 to 52,629, which are major support levels. If it rejects at this level, we can expect a minor swing bounce-back of 23% to 38%. On the other hand, if it breaks or consolidates below these levels, the correction will likely continue.
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