#Banknifty directions and levels for June 21st.
Bullish sentiment:
> We previously discussed that the market is in the 4th subwave. This is still the case, so we expect a range-bound market today.
> If the market breaks the range on the upside, we can expect the 5th wave rally. However, the 5th wave is a distribution phase,
> so even with an upside breakout, the market might not move significantly.
> A sharp rally can be expected if the market breaks the immediate resistance effectively or consolidates around it. Otherwise, significant movement is unlikely.
Bearish sentiment:
The same sentiment applies on the downside. If the market finds support at the immediate support level, the range will likely continue. If it breaks the immediate support, we can expect the correction to continue.
> We previously discussed that the market is in the 4th subwave. This is still the case, so we expect a range-bound market today.
> If the market breaks the range on the upside, we can expect the 5th wave rally. However, the 5th wave is a distribution phase,
> so even with an upside breakout, the market might not move significantly.
> A sharp rally can be expected if the market breaks the immediate resistance effectively or consolidates around it. Otherwise, significant movement is unlikely.
Bearish sentiment:
The same sentiment applies on the downside. If the market finds support at the immediate support level, the range will likely continue. If it breaks the immediate support, we can expect the correction to continue.
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