#Banknifty August 1st week directions and levels.
Bank Nifty
Bank Nifty's structure is a bit different from Nifty. It hasn’t pulled back as much, but the trend is still positive. Bank Nifty is currently in the 5th wave, indicating a bullish move. However, since the 5th wave is usually slower, we expect a less aggressive rally, possibly at a 40 to 50-degree angle. We’re targeting 52,674 for this rally. This is our main view.
Alternatively, if the market faces resistance at the 50 or 61% levels, it may correct further. Initially, the market might move within a range, and a break of this range could lead to more correction.
Bank Nifty's structure is a bit different from Nifty. It hasn’t pulled back as much, but the trend is still positive. Bank Nifty is currently in the 5th wave, indicating a bullish move. However, since the 5th wave is usually slower, we expect a less aggressive rally, possibly at a 40 to 50-degree angle. We’re targeting 52,674 for this rally. This is our main view.
Alternatively, if the market faces resistance at the 50 or 61% levels, it may correct further. Initially, the market might move within a range, and a break of this range could lead to more correction.
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