#Banknifty directions and levels for March 6th.

6 Mar

The Banknifty structure is a little different; as per the wave structure, there is a pullback wave bending (minor sub-wave 5th). So, if the market breaks yesterday's high, then we can expect a range between 47821 to 47957. Since this is the 5th wave, once it rejects there, we can anticipate a correctional wave that may take a 23 to 38% Fibonacci correction to the minor swing. however, if it sustains there(47957) then we can expect further extension.

Alternatively, if it declines initially, the 47427 level will act as a crucial support. If it finds support there, then we can initially expect a range market for rally continuation. However, if it breaks, it might turn into an overall correction phase."