#Banknifty

13 Jun 2023

Good morning! As of June 13th, the global market indicates a positive start, with a bearish market sentiment. It might open with a gap-up. After that, if it sustains, we can expect pullback continuation with minor consolidation. However, the notable point here is that Nifty has a single bending wave (C), while Banknifty has three bending waves (ABC). Therefore, the market might follow the trend of whichever one is dominating. Simply put, if Nifty undergoes a correction after completing the "C" leg, Banknifty will turn the range market into a correction without finishing three waves. Conversely, if Banknifty dominates the market, Nifty might experience consolidation before a pullback continuation, ranging from 61% to 78%. On the other hand, if the initial market declines sharply, we can expect a range-bound market or correction.