#banknifty Directions and levels for April 16th.
"Good morning, friends! Here are the directions for April 16th:
The global market trend is bearish, supported by the Dow Jones, while our local market sentiment also indicates a bearish trend. It might open with a gap-down start, as suggested by GiftNifty, showing a -220 point decrease.
GiftNifty indicates a long gap-down, so I don't know where it will be opening. I'm just sharing Fibonacci levels. After the gap-down, if the market consolidates around any one of those levels, then we can expect further correction.
On the other hand, if it rejects sharply, then we should seek additional confirmation for a reversal. If the pullback breaks the Fibonacci level of 38% in the minor swing, then we can consider it a reversal and set our targets at 61 and 78%. However, if it doesn't break the Fibonacci level of 38%, the correction may continue as usual."
The global market trend is bearish, supported by the Dow Jones, while our local market sentiment also indicates a bearish trend. It might open with a gap-down start, as suggested by GiftNifty, showing a -220 point decrease.
GiftNifty indicates a long gap-down, so I don't know where it will be opening. I'm just sharing Fibonacci levels. After the gap-down, if the market consolidates around any one of those levels, then we can expect further correction.
On the other hand, if it rejects sharply, then we should seek additional confirmation for a reversal. If the pullback breaks the Fibonacci level of 38% in the minor swing, then we can consider it a reversal and set our targets at 61 and 78%. However, if it doesn't break the Fibonacci level of 38%, the correction may continue as usual."