#Banknifty directions and level for FEB 13

There are some corrective waves bending, so if the initial market declines, we can expect minor correction initially. After that, if it takes support around 44500 or the swing low, then we can expect a 23% to 38% pullback wave. On the other hand, if it consolidates or breaks that level solidly, then the correction will continue.

Alternate view: Banknifty also has an RSI divergence. So, if the gap-up sustains, then we can expect pullback continuation with minor consolidation.