#Banknifty directions and levels for January 7th, Tuesday:
Bank Nifty Current View:
The current view for Bank Nifty is similar to that of Nifty.
If the market opens with a gap-up and sustains, it could take a 23% to 38% pullback in the minor swing, and structurally, it could be a 4th wave. The 4th wave is a three-wave structure and could also be a consolidation wave. The 4th wave usually doesn't break the 38% Fibonacci level, so once it starts to reject there, we can expect a correction. This is the basic structure. However, if the market experiences a strong pullback, it could reach the 50% mark.
Alternate View:
An alternate scenario suggests that if the gap-up doesn't sustain and breaks the previous low, we can expect a correction to the level of 49,599 to the demand zone. If this happens, we should consider that a 5th wave. The 5th wave is a distribution wave, so if it finds support around 49,559 or the demand zone, we can expect a minimum of a 23% to 38% pullback in the overall swing. (Before entering the pullback, please check for some reversal confirmation.)
The current view for Bank Nifty is similar to that of Nifty.
If the market opens with a gap-up and sustains, it could take a 23% to 38% pullback in the minor swing, and structurally, it could be a 4th wave. The 4th wave is a three-wave structure and could also be a consolidation wave. The 4th wave usually doesn't break the 38% Fibonacci level, so once it starts to reject there, we can expect a correction. This is the basic structure. However, if the market experiences a strong pullback, it could reach the 50% mark.
Alternate View:
An alternate scenario suggests that if the gap-up doesn't sustain and breaks the previous low, we can expect a correction to the level of 49,599 to the demand zone. If this happens, we should consider that a 5th wave. The 5th wave is a distribution wave, so if it finds support around 49,559 or the demand zone, we can expect a minimum of a 23% to 38% pullback in the overall swing. (Before entering the pullback, please check for some reversal confirmation.)
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