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Manickamtraders

#Banknifty directions and levels for March 6th.

Nifty Bank Index (NSE:BANKNIFTY)  
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NSE:BANKNIFTY   Nifty Bank Index
Harmonic Patterns Chart Patterns Elliott Wave BANKNIFTY bankniftytradesetup bankniftytrend bankniftyanalysis bankniftyview bankniftyintradaylevels bankniftyintraday bankniftyintradaytradesetup bankniftytomorrow
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harmonicpatterns chartpattern elliottwaves banknifty bankniftytradesetup bankniftytrend bankniftyanalysis bankniftyview bankniftyintradaylevels bankniftyintraday bankniftyintradaytradesetup bankniftytomorrow
The Banknifty structure is a little different; as per the wave structure, there is a pullback wave bending (minor sub-wave 5th). So, if the market breaks yesterday's high, then we can expect a range between 47821 to 47957. Since this is the 5th wave, once it rejects there, we can anticipate a correctional wave that may take a 23 to 38% Fibonacci correction to the minor swing. however, if it sustains there(47957) then we can expect further extension.

Alternatively, if it declines initially, the 47427 level will act as a crucial support. If it finds support there, then we can initially expect a range market for rally continuation. However, if it breaks, it might turn into an overall correction phase."
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