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Ripul012
Feb 5, 2024 11:40 AM

Banknifty bearish short term Short

Nifty Bank IndexNSE

Description

Bank nifty is looking bearish for the short-term, Though the huge wicks formed on the hourly chart are a bit concerning.

Since bank nifty is bullish on the monthly chart, I do not expect the prices to take down the weekly discount array. Instead, prices might fall to the daily discount array at 45481.50 which lines up perfectly with a mitigation block as well. So, as soon as Price reaches that level, I would be looking for longs on the five minute chart.
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