#Banknifty directions and levels for September 4th.
Bank Nifty
Current View:
The sentiment is similar to Nifty; however, for Bank Nifty, it’s uncertain where it will open exactly, so I’m making an assumption. If the market opens with a long gap-down, it may find support around the 61% to 78% Fibonacci level. If this happens, we can expect a 23% to 38% minor bounce back. This bounce back could be part of a sub-wave 4, which is a consolidation wave. Once this consolidation breaks to the downside, we can expect the 5th correctional wave. This is our basic structure.
Alternate View:
The alternate view suggests that the market is currently in a range-bound phase, so it may try to maintain its range even if it opens with a long gap-down. If the market takes a solid pullback and breaks the 38% Fibonacci level in the minor swing, it will likely continue in the range-bound structure. This is our alternate variation.
Current View:
The sentiment is similar to Nifty; however, for Bank Nifty, it’s uncertain where it will open exactly, so I’m making an assumption. If the market opens with a long gap-down, it may find support around the 61% to 78% Fibonacci level. If this happens, we can expect a 23% to 38% minor bounce back. This bounce back could be part of a sub-wave 4, which is a consolidation wave. Once this consolidation breaks to the downside, we can expect the 5th correctional wave. This is our basic structure.
Alternate View:
The alternate view suggests that the market is currently in a range-bound phase, so it may try to maintain its range even if it opens with a long gap-down. If the market takes a solid pullback and breaks the 38% Fibonacci level in the minor swing, it will likely continue in the range-bound structure. This is our alternate variation.
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