#Banknifty directions and level for August 22nd.
Bank Nifty
Bank Nifty has a range-bound structure, so structurally, the probability is that the range will continue. that's, If the gap-up doesn't sustain, we can expect a correction of 38% to 78%. after that, If it finds support at the 78% level, it may bounce back. On the other hand, if it consolidates or breaks the 78% level, we can expect the next target to be the swing low at 50145.
The alternate scenario is similar to Nifty. that's, If the gap-up sustains and breaks the level of 50877, the rally will likely continue, and we can expect the next target to be at least the swing high of 51116.
Bank Nifty has a range-bound structure, so structurally, the probability is that the range will continue. that's, If the gap-up doesn't sustain, we can expect a correction of 38% to 78%. after that, If it finds support at the 78% level, it may bounce back. On the other hand, if it consolidates or breaks the 78% level, we can expect the next target to be the swing low at 50145.
The alternate scenario is similar to Nifty. that's, If the gap-up sustains and breaks the level of 50877, the rally will likely continue, and we can expect the next target to be at least the swing high of 51116.
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