23 Feb ’24 — BankNifty rejects the bearish trend line.
BankNifty Analysis - Stance Bullish ⬆️
BankNifty fell 108pts today and still, it looks bullish for us. The reason is, the bearish trend line was rejected and as long as we stay on top - we are immune to bear attack. A few candles were quite abnormal today, with the price action from 10.19 to 10.38 and then the 13.19 candle that single-handedly took out 193 points. Even after all that, the bears were not able to get a close below the support line.
4mts chart
On the higher time frame, BN has made a double top at 47200 levels. We will be considering that with a pinch of salt as we do not know what technical pattern gets a higher priority - the double top or the support rejection. We might have to go with the trend here and assume the direction is upward. We will only get to know this when BN attempts the next resistance of 47465. A resistance rejection would tip the scale in the Bear’s favor.
63mts chart
BankNifty fell 108pts today and still, it looks bullish for us. The reason is, the bearish trend line was rejected and as long as we stay on top - we are immune to bear attack. A few candles were quite abnormal today, with the price action from 10.19 to 10.38 and then the 13.19 candle that single-handedly took out 193 points. Even after all that, the bears were not able to get a close below the support line.
4mts chart
On the higher time frame, BN has made a double top at 47200 levels. We will be considering that with a pinch of salt as we do not know what technical pattern gets a higher priority - the double top or the support rejection. We might have to go with the trend here and assume the direction is upward. We will only get to know this when BN attempts the next resistance of 47465. A resistance rejection would tip the scale in the Bear’s favor.
63mts chart
