BankNifty October 23, 2023
On Friday, the market closed with a hammer candlestick on the 15-minute timeframe. This is a bullish reversal pattern that suggests that buyers are gaining strength. Additionally, a symmetrical triangle has formed, which is a continuation pattern that indicates a potential breakout.
If the resistance level at 43832.30 is broken, the bullish trend could continue up to the psychological resistance level of 44000 or the resistance level of 44042.30.
The neckline of double top pattern (as discussed in previous ideas), located at 43600.40, is a strong support level. This is a potential buy area for buyers.
Note: It is important to note that technical analysis is not a foolproof method of predicting future market movements. However, when used in conjunction with other forms of analysis, it can be a valuable tool for traders.
As always, it is important to remember to be patient and take a position when the markets are obeying the trend and patterns. Trading is a risky game, so it is important to only bet what you can afford to lose.
If the resistance level at 43832.30 is broken, the bullish trend could continue up to the psychological resistance level of 44000 or the resistance level of 44042.30.
The neckline of double top pattern (as discussed in previous ideas), located at 43600.40, is a strong support level. This is a potential buy area for buyers.
Note: It is important to note that technical analysis is not a foolproof method of predicting future market movements. However, when used in conjunction with other forms of analysis, it can be a valuable tool for traders.
As always, it is important to remember to be patient and take a position when the markets are obeying the trend and patterns. Trading is a risky game, so it is important to only bet what you can afford to lose.
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