#Banknifty directions and levels for January 3rd, Friday
Bank Nifty Current View:
The current view for Bank Nifty indicates that if the market initially pulls back after a gap-down start, it could signal the continuation of the pullback. However, we should wait for the previous high to break. If it does, the minor supply zone could serve as the minimum target for this pullback. Additionally, this zone acts as minor resistance, so some consolidation is likely around this level.
Alternate View:
If the decline has a solid structure, it could reach the 38% Fibonacci level in the overall swing. Structurally, we are in a range-bound market, so if it breaks the 38% level, it could reach a minimum of 50% to 78% in the current swing.
The current view for Bank Nifty indicates that if the market initially pulls back after a gap-down start, it could signal the continuation of the pullback. However, we should wait for the previous high to break. If it does, the minor supply zone could serve as the minimum target for this pullback. Additionally, this zone acts as minor resistance, so some consolidation is likely around this level.
Alternate View:
If the decline has a solid structure, it could reach the 38% Fibonacci level in the overall swing. Structurally, we are in a range-bound market, so if it breaks the 38% level, it could reach a minimum of 50% to 78% in the current swing.
Declinazione di responsabilità
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