#Banknifty directions and levels for July 4th.
Bank Nifty has the bullish sentiment and made a new high in the previous session. If you look at the structure, you can see many patterns there, such as the flag pattern, cup & handle pattern, and cypher pattern.
But here also, the market suggests that if it rejects around the immediate resistance or if the gap-up doesn't sustain, then we can expect a 23% to 38% retracement in the minor swing. After that, if it finds support at either the 23% or 38% levels, then we can expect consolidation followed by a rally continuation. A correction will occur only if it breaks the 38% Fibonacci level. If it breaks, we can expect the next targets to be 50% and 78%.
Alternatively, if the gap-up sustains or if it consolidates around the immediate resistance level, then the rally will continue further.
But here also, the market suggests that if it rejects around the immediate resistance or if the gap-up doesn't sustain, then we can expect a 23% to 38% retracement in the minor swing. After that, if it finds support at either the 23% or 38% levels, then we can expect consolidation followed by a rally continuation. A correction will occur only if it breaks the 38% Fibonacci level. If it breaks, we can expect the next targets to be 50% and 78%.
Alternatively, if the gap-up sustains or if it consolidates around the immediate resistance level, then the rally will continue further.
Penafian
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