shivamishra023

BANK NIFTY STAY SHORT OR NEUTRAL BUT NOT BULLISH

Short
NSE:BANKNIFTY   NIFTY BANK
1.We can see falling wedge pattern which got failed. There is an breadown along with retest.
2. By fibonacci tool the retracement is of 38.2%
So from here 2 things can happen either
market may open flat/gap up which has very
low probability but even if it opens it will
test fibonacci level of 50% & should give
fall.
3.We can expect sellers activation on 35400 levels or if market opens flat there is high probality of fall.
4.levels to note.
A.34800 can be your T1 '
34500 can be the your T2
B. if market open flat tomorrow there are
high chances of consolidation in early
hours of the market.
5.Dont be on bullish view for 16/3/2021 as neither there is any strong technicals proving it nor any big good news by the gov or anything else.
6.keeping this in mind we can say if market open gap up shorters will have opportunity to short at higher levels with some more profits. and if it opens flat then we can see consolidation in early hours and higher chances of breakdown if no positive news come in between the market.

SHIVAM MISHRA
-MGB

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