#Banknifty directions and levels for July 12th.
Yesterday, there was significant movement in Banknifty. What about next? As per the pullback, the market may go further up with minor consolidation. GiftNifty also indicates that. If the market opens with a gap-up, we can expect minor rejection around the immediate resistance level. If this happens, it may retrace up to 23 to 38%. After that, if the market finds support at the 38% level, it may continue the rally with minor consolidation. This is our basic structure.
In this case, we have to discuss something simple and not too complicated:
> 1st one, There is no need to reject around the immediate resistance level. If it happens, we can expect a minor retracement.
that menas If the market consolidates or breaks it with a solid candle structure, the rally will likely continue further(around the immediate resistance).
> 2nd one, Is there any correction possible? Yes, correction is also possible. If the retracement breaks the 38% Fib level, it may continue to range.
> This sentiment is also applicable for an initial market decline. This means that if the gap-up doesn't sustain or if the market declines sharply initially, we can follow the same sentiment.
In this case, we have to discuss something simple and not too complicated:
> 1st one, There is no need to reject around the immediate resistance level. If it happens, we can expect a minor retracement.
that menas If the market consolidates or breaks it with a solid candle structure, the rally will likely continue further(around the immediate resistance).
> 2nd one, Is there any correction possible? Yes, correction is also possible. If the retracement breaks the 38% Fib level, it may continue to range.
> This sentiment is also applicable for an initial market decline. This means that if the gap-up doesn't sustain or if the market declines sharply initially, we can follow the same sentiment.
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