BankNifty Short-term Technical Perspective:

Mr_Huntking Updated   
NSE:BANKNIFTY   Nifty Bank Index

πŸ“Œ 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

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

πŸ“Œ 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!

πŸ“Œ Any actionable trade shall be communicated based on the merit of the situation.
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