#banknifty directions and levels for FEB 9.

Banknifty also experienced a sharp correction in the last session. Here, if the market breaks the previous day's low, then we can expect further correction. However, there's a demand zone, so if the market rejects there, we can expect a minimum of a 23% to 38% pullback wave. Alternatively, if the market breaks or consolidates in the demand zone, then the correction will likely continue.

Alternatively, if the initial market takes a sharp pullback, then it might consolidate between yesterday's low and the Fibonacci level of 38%. We can expect further pullback only if it breaks the 38% level."