#Banknifty directions and levels for May 21st.
BankNifty has been consolidating after the sharp correction, which is totally different from Nifty. Anyway, if the gap-up sustains, we can expect the next target to be the 50% Fibonacci level.
An alternate scenario, similar to Nifty, suggests the possibility of a long correction if it breaks the 38% Fibonacci level. However, if it doesn’t break 38%, then the pullback will continue with some consolidation
An alternate scenario, similar to Nifty, suggests the possibility of a long correction if it breaks the 38% Fibonacci level. However, if it doesn’t break 38%, then the pullback will continue with some consolidation
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