#Banknifty Directions and Levels for May31st.
The Banknifty structure differs slightly from Nifty, but the sentiment is the same. The current variation suggests that if the initial market takes a solid pullback and breaks the level of 48938, we can expect it to reach 61%. Notably, the market will continue the rally only if it sustains above the level of 48938. If it doesn't sustain above this price, the range market might continue.
Alternatively, if the initial market corrects, the downside 61% Fib level will act as minor support. My personal opinion is that if the market declines initially, it may enter a range market.
Alternatively, if the initial market corrects, the downside 61% Fib level will act as minor support. My personal opinion is that if the market declines initially, it may enter a range market.