#Banknifty directions and levels for December 9th.
Bank Nifty Current View:
The sentiment for Bank Nifty looks similar to that of Nifty. If the market takes an initial pullback, it could reach the supply zone, which is a major resistance. If it breaks this resistance, we can expect the next target to be 54,234. On the other hand, if it doesn’t break this level, the range market will likely continue.
Alternate View:
The alternate view suggests that if the gap-down sustains, it could reach the 38% Fibonacci level, which is a major support level. Until this support is broken, the market will maintain a range. If it breaks this level, we can expect a correction.
The sentiment for Bank Nifty looks similar to that of Nifty. If the market takes an initial pullback, it could reach the supply zone, which is a major resistance. If it breaks this resistance, we can expect the next target to be 54,234. On the other hand, if it doesn’t break this level, the range market will likely continue.
Alternate View:
The alternate view suggests that if the gap-down sustains, it could reach the 38% Fibonacci level, which is a major support level. Until this support is broken, the market will maintain a range. If it breaks this level, we can expect a correction.
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