#Banknifty directions and levels for June28th.
BankNifty's structure is a little different. The 5 waves are finished, and it's progressing into a correction. Corrections have many variations. I explained two variations:
1- If the initial market declines, we can expect a 38% correction. After that, if it finds support, we can expect a range market to rally continuation.
In this scenario, the correction will continue only if it breaks the 38% Fibonacci level effectively. If it breaks, then we can expect 50% to 78% as the next targets.
2- The alternate variation is a flat correctional variation. If the market sustains the gap-up and pulls back, the level of 53247 to 53320 will act as a strong resistance. If the market is rejected there, we can expect a correction. If you want confirmation of the correction, use the EMA20 and the 38% Fibonacci level breakout sentiment.
1- If the initial market declines, we can expect a 38% correction. After that, if it finds support, we can expect a range market to rally continuation.
In this scenario, the correction will continue only if it breaks the 38% Fibonacci level effectively. If it breaks, then we can expect 50% to 78% as the next targets.
2- The alternate variation is a flat correctional variation. If the market sustains the gap-up and pulls back, the level of 53247 to 53320 will act as a strong resistance. If the market is rejected there, we can expect a correction. If you want confirmation of the correction, use the EMA20 and the 38% Fibonacci level breakout sentiment.