#Banknifty directions and levels for November 29th.
Current View:
The current view indicates that if the market starts neutral or if the initial market takes a pullback, we can expect a minimum pullback of 38% to 50%. Structurally, it could reject there. If that happens, we can expect some consolidation between the previous low and the pullback high. This is the basic structure,
> but the notable point is the 38% Fibonacci level. the 38% Fibonacci level is critical because sharp corrections typically struggle to decisively break this level. Therefore, if the market pulls back but then breaks the previous low without breaching the 38% Fibonacci level, the correction is likely to continue, making this a key area to watch.
Alternate View:
The alternate view suggests that if the initial market declines and breaks the previous low, the correction will likely continue to the level of 51,461, which is a support level. However, if it consolidates around there, the correction is likely to continue.
The current view indicates that if the market starts neutral or if the initial market takes a pullback, we can expect a minimum pullback of 38% to 50%. Structurally, it could reject there. If that happens, we can expect some consolidation between the previous low and the pullback high. This is the basic structure,
> but the notable point is the 38% Fibonacci level. the 38% Fibonacci level is critical because sharp corrections typically struggle to decisively break this level. Therefore, if the market pulls back but then breaks the previous low without breaching the 38% Fibonacci level, the correction is likely to continue, making this a key area to watch.
Alternate View:
The alternate view suggests that if the initial market declines and breaks the previous low, the correction will likely continue to the level of 51,461, which is a support level. However, if it consolidates around there, the correction is likely to continue.
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