#Banknifty directions and levels for December 6th.
Bank Nifty Current View:
The sentiment for Bank Nifty looks similar to that of Nifty. If the market takes an initial pullback, it could reject each and every resistance level, indicating that it may form a diagonal pattern. This is a time adjustment and distribution pattern; therefore, once the pattern breaks below the trend line, we can expect a reversal. This is the basic structure.
Alternate View:
The alternate view suggests that if the market initially declines, it could reach the 38% Fibonacci level in the minor swing. However, until the 38% level is broken, the market will maintain a bullish bias. If it breaks this level, we can expect a correction.
The sentiment for Bank Nifty looks similar to that of Nifty. If the market takes an initial pullback, it could reject each and every resistance level, indicating that it may form a diagonal pattern. This is a time adjustment and distribution pattern; therefore, once the pattern breaks below the trend line, we can expect a reversal. This is the basic structure.
Alternate View:
The alternate view suggests that if the market initially declines, it could reach the 38% Fibonacci level in the minor swing. However, until the 38% level is broken, the market will maintain a bullish bias. If it breaks this level, we can expect a correction.
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