Nifty Bank Index

#Banknifty Directions and Levels for the Last Week of September

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Current View:

The sentiment is similar to Nifty, but structurally, we shouldn’t expect more than a 38% correction in the minor swing. If the market rejects near the immediate resistance, we could complete the 3rd sub-wave at that point, and the rejection would indicate the start of the 4th wave. Typically, the 4th wave doesn’t involve a deep correction, so we can expect a maximum correction of 23% to 38% in the minor swing.

Alternate View:

The alternate view suggests that if the market consolidates or breaks the immediate resistance, the 3rd wave could extend to levels of 54,840 to 55,141.

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