#Banknifty directions and levels for October 16th.

Current View:

If the gap-up sustains, we can expect the pullback to continue, with some consolidation around the resistance levels. the target range is 52514 to 52642.

Alternate View:

The alternate view indicates that if the market declines initially, or if it rejects around the immediate resistance, we can expect a correction of38% to50%.

> It is important to note that we cannot assume this is a correction even if the market breaks the50% Fibonacci level, as the structure exhibits a bit of a bullish bias. Therefore, we should look for some additional confirmation to predict the correction. If this happens, I will inform you during market hours.
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