#Banknifty directions and levels for August 23.
Bank Nifty
> In the previous session, Bank Nifty closed around the previous high. Structurally, it looks like a range-bound market,
> so my expectation is that if the market pulls back initially, it could reach a minimum of 51,116 (supply zone). After that, if the market sustains or breaks this level, then the rally will likely continue to the level of 51,214 to 51,316.
> On the other hand, if it rejects sharply around the supply zone, then the range-bound market will likely continue, meaning the market may travel within the channel.
> An alternative scenario is similar to Nifty. If the market declines initially, then the 38% Fibonacci level will act as support. In this case, after the decline, if it finds support at the 38% level, the bullish bias is likely to continue. However, if it breaks the 38% level, it may fall further to the 50% to 78% level on the downside.
> In the previous session, Bank Nifty closed around the previous high. Structurally, it looks like a range-bound market,
> so my expectation is that if the market pulls back initially, it could reach a minimum of 51,116 (supply zone). After that, if the market sustains or breaks this level, then the rally will likely continue to the level of 51,214 to 51,316.
> On the other hand, if it rejects sharply around the supply zone, then the range-bound market will likely continue, meaning the market may travel within the channel.
> An alternative scenario is similar to Nifty. If the market declines initially, then the 38% Fibonacci level will act as support. In this case, after the decline, if it finds support at the 38% level, the bullish bias is likely to continue. However, if it breaks the 38% level, it may fall further to the 50% to 78% level on the downside.
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