#Banknifty directions and levels for December 2nd:

Current view:

The current view suggests that if the market gradually takes support around the support level, then we can expect a minimum retracement of 38% to 78% in the current swing. On the other hand, if the initial market decline is sharp and it consolidates around the immediate support level, then the correction will likely continue.

Alternate view:

The alternate view is similar to the current view; it suggests that if the initial market takes a pullback, we can expect a range-bound market with a moderately bullish tone. The target is a minimum retracement of 78% in the current swing.