#Banknifty directions and levels for November 18th.
Bank Nifty Current View:
The current view for Bank Nifty indicates that if the initial market takes a pullback around the immediate support level (38%), we can expect a minimum pullback of 23% to 38%. After that, if it rejects at either the 23% or 38% Fibonacci level, the correction will likely continue. However, if it sustains and breaks the 38% Fibonacci level, it could reach the 50% and 61% levels. If this happens, the upcoming session could turn into a range market.
Alternate View:
The alternate view suggests that if the market breaks the immediate support level (38%) solidly or consolidates around the support level, the correction will likely continue to the level of 49,283.
The current view for Bank Nifty indicates that if the initial market takes a pullback around the immediate support level (38%), we can expect a minimum pullback of 23% to 38%. After that, if it rejects at either the 23% or 38% Fibonacci level, the correction will likely continue. However, if it sustains and breaks the 38% Fibonacci level, it could reach the 50% and 61% levels. If this happens, the upcoming session could turn into a range market.
Alternate View:
The alternate view suggests that if the market breaks the immediate support level (38%) solidly or consolidates around the support level, the correction will likely continue to the level of 49,283.
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