Double Top Pattern Identified in BankNifty: Potential Downtrend?
On November 3rd, BankNifty opened with a significant gap-up but remained range-bound between 43400 and 43278, forming a double top pattern. This pattern suggests a potential downtrend if market sentiment does not reverse.
The neckline support of 43600 on the daily time frame is relatively strong and is unlikely to be broken by bulls. If it is broken, a strong uptrend can be expected. However, sell positions should only be taken if 43278 is broken on the 15-minute time frame.
It is important to closely monitor the market and understand the trend before taking any positions.
PS: This is just a pre-market analysis. Like and follow me if you like to get daily updates.