#Banknifty Directions and levels for May 28th.
Bank Nifty has the same sentiment. Structurally, it's a little correction followed by a long rally. So, if the market opens neutral or if the initial market takes a pullback, we can expect a range market within the previous day's range. After that, if it breaks either upside or downside, then we can follow that trend. Here also, my opinion is bullish.
An alternate variation is similar to Nifty. If the market takes a correction initially, it could reach the Fibonacci level of 38%, which is also a strong support. After that correction, if it finds support there, we can expect a minimum pullback of 38% to 50%. Alternatively, if the correction occurs sharply and if it breaks or consolidates around the Fibonacci level of 38%, then the correction will likely continue.
An alternate variation is similar to Nifty. If the market takes a correction initially, it could reach the Fibonacci level of 38%, which is also a strong support. After that correction, if it finds support there, we can expect a minimum pullback of 38% to 50%. Alternatively, if the correction occurs sharply and if it breaks or consolidates around the Fibonacci level of 38%, then the correction will likely continue.
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