#Banknifty directions and levels for March 1st.

Banknifty closed +150 points with a range-bound structure in the last session. Giftnifty indicates a gap-up start. If the gap-up breaks or sustains around 46448, then we can expect further rally continuation. However, if the market rejects there (46448) or if the initial market declines sharply, then structurally the range market will continue. we could wait for the 38% Fib level breakout for confirmation. If it breaks the 38%, then we can expect a 61 to 78% correction."