#BANKNIFTY : Bears Just A Step Away !
Updated
EW Analysis :
BN is in pullback mode from lows of 24400 and is showing a clear abc pattern on upside.
Trend Breakdown :
BN breached the up-trend in Sept 2018 which started from Mar 2016 and is now retesting the up-trend support which now becomes resistance for BN .
Supertrend Resistance :
Any weekly close above 27800 on BN would change the bearish signs to an overall bullish position. But if BN closes below 26800 on weekly, it would open lower levels for BN .
Head & Shoulder Pattern :
BN is clearly showing a H&S pattern.
Now with 1 bullish close of above 27800 on weekly vs 4 bear case scenario: Lets see who wins.
With Budget 2 weeks away on 1st Feb --
Long above 27800 on Weekly Close !
Short below 26800 on Weekly Close !
BN is in pullback mode from lows of 24400 and is showing a clear abc pattern on upside.
Trend Breakdown :
BN breached the up-trend in Sept 2018 which started from Mar 2016 and is now retesting the up-trend support which now becomes resistance for BN .
Supertrend Resistance :
Any weekly close above 27800 on BN would change the bearish signs to an overall bullish position. But if BN closes below 26800 on weekly, it would open lower levels for BN .
Head & Shoulder Pattern :
BN is clearly showing a H&S pattern.
Now with 1 bullish close of above 27800 on weekly vs 4 bear case scenario: Lets see who wins.
With Budget 2 weeks away on 1st Feb --
Long above 27800 on Weekly Close !
Short below 26800 on Weekly Close !
Order cancelled
With Fed put now, we are changing our stance from Bearish to Neutral !! Bullish Stance confirmation above 10960 in Nifty & for BN Long above 27800 on Weekly Close !
Note
We are changing our stance from Neutral to Bullish on Nifty & BN !!Note
Nifty in Bullish mode for Targets 11250-11300 & for BN confirmation pending -- we need close above 27800 on weekly !!Note
11000 lvl on Nifty a fake breakout ? And BN already showing weakness. Cut Longs and short on bounce !! Break of 10835 on Nifty either today or tomorrow would mean confirmation for downside!!
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