After correcting for 4 consecutive sessions, the index had a good recovery on Friday, which may have trapped all the bears. If we observe the trend for the last 1 month of the 15 min chart, we can see how we are currently trading at the bottom end of the downward trend. The index has also made a very nice looking or W shaped patterns, which generally happen to be reversal patterns. Also, on Thursday's sell off BankNifty re-tested the level from the rally after the budget. Considering the region where the formation has occurred, I think it is highly likely that the market reverses from here and at least re-tests 35,000. I am more biased towards the side for the coming week, although I am prepared to consider the short side as well incase the Thursday low is broken.
These are my personal views and I reserve the right to be wrong. Please trade with proper risk management.
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