#banknifty directions and levels for November 7th.

Current View:

The current view indicates that if the market opens with a gap down, it may reach the 38% level on the downside. Structurally, it won’t go beyond that level. If the market finds support there, then the rally will continue with some consolidation. This is our first variation.

Alternate View:

The alternate view is similar to the current view. If the initial market experiences a sharp pullback, then the rally is likely to continue. This is our alternate view.

Note:

Here, the notable point is that if the market sustains the gap down and breaks the 38% Fibonacci level on the downside, it may turn into a ranging market. However, if we look at it from an aerial view, there is a downtrend.