#Banknifty direction and levels for May 13th.

13 May

>Banknifty also has the same consolidation structure, but wave counts are a little bit different from Nifty. So, if the initial market takes support around the immediate support level, then we can expect a minimum of a 23% pullback wave. If you want reversal confirmation, then you can use EMA 20 or a minor fib level 38% breakout.

Alternatively, if the gap-down takes a solid bearish candle, then it may continue further with minor consolidation. Even though if it reaches the demand zone, we can expect consolidation only."