#Banknifty directions and levels for January 23rd:

Bank Nifty Current View:

The Bank Nifty current view has two variations:

> First Variation: If the gap-down sustains, it will likely consolidate within the previous day's range. In this sentiment, a correction will only be expected if it breaks the previous bottom, meaning that until the previous bottom is broken, the market bias could remain moderately bullish.

> Second Variation: This is conditional; the initial market should take a solid pullback and could reject around the immediate resistance zone. If this occurs, the market will turn into a correction phase, supported by structural reasons.

Alternate View:

The alternate view is similar to that of Nifty. If the gap-down does not sustain or if the market finds support around the 38%, we can expect some consolidation between the 38% and the upside 61% mark. In this case, the supply zone may not be as effective.