#Banknifty directions and levels for June 7th.

ankNifty also exhibits the same sentiment. There is a sub-wave five, which is a distribution wave, potentially with lower volume. If this happens, the 78% Fibonacci level might act as strong resistance. On the other hand, if the pullback has a solid structure, we can expect the rally to continue with some consolidation.

The alternative variation is also the same: if the initial market takes a correction, then we can expect a range market. On the other hand, if the correction consolidates or breaks the 78% Fibonacci level, then it may fall further.