#Banknifty directions and levels for July 31st.
BankNifty:
Current View:
BankNifty's current view also indicates a range market. Usually, range market trading seems easy, but practically it's very difficult. If you want to enter a long position, you should wait for a breakout at the level of 51607. If it breaks, we can expect 51836 to the Fibonacci level of 78%, meaning the market will continue the channel pattern.
Alternate View:
The alternate view suggests that if the market breaks the channel bottom, we can expect a correction to the level of 51087. Structurally, this is a minor support. If it consolidates around there, we can expect the correction to continue if it breaks. On the other hand, if it rejects sharply, we can expect a 38% to 61% pullback in the minor swing.
Current View:
BankNifty's current view also indicates a range market. Usually, range market trading seems easy, but practically it's very difficult. If you want to enter a long position, you should wait for a breakout at the level of 51607. If it breaks, we can expect 51836 to the Fibonacci level of 78%, meaning the market will continue the channel pattern.
Alternate View:
The alternate view suggests that if the market breaks the channel bottom, we can expect a correction to the level of 51087. Structurally, this is a minor support. If it consolidates around there, we can expect the correction to continue if it breaks. On the other hand, if it rejects sharply, we can expect a 38% to 61% pullback in the minor swing.
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