BankNifty Short-term Technical Perspective:

Oct 18, 2023

📌 BANKNIFTY seems to be hovering at the confluence of support from two critical Technical Setups:

#1 Short-Term Support Trendline (marked in Red), which is placed at around ~43800 levels

#2 Lower Support trendline of the Medium-term Rising Wedge which is under formation (marked in Green). The support is placed at around ~43600 levels

📌 The price action near 43800-43600 needs to be watched closely for further clues.

📌 The chances of a Reversal from the mentioned support zone are not ruled out, but in case of a failure, the implications could be significant.

Close below the support area shall confirm a Rising Wedge breakdown, which has a bearish connotation.

It may damage the immediate sentiments further & possibly open the doors for a much larger correction!

📌 Any actionable trade shall be communicated based on the merit of the situation.

Oct 26, 2023

Trade active

BANKNIFTY MADE LOW 42250