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BankNifty given good downside movement as we expected and made good profit in today's expiry trades.
Now, What Next?
As BankNifty exactly closed near the support level 43400, I Have 3 Interpretations in my mind for next movement in banknifty.
1. The pattern looks like its going to form a HEAD AND SHOULDER PATTERN. To complete this pattern it should move up to the 44000 level and then have to reverse.
2. Forming a FALLING WEDGE PATTERN. Here also the same, the price should move up from the support 43400 level.
3. Putting all these pattern aside, the red zone which I drawn on chart is Fibonacci Retracement Level. If market moves up and forms a Bearish Candle at this zone, I'll update the targets in below comments after confirmation.
Now you may understand that this analysis is not just for next immediate move. So, please be stay tuned here and click on follow button. Receive further updates directly to your mail when we update here.
Thank you,
Happy Trading...
BankNifty given good downside movement as we expected and made good profit in today's expiry trades.
Now, What Next?
As BankNifty exactly closed near the support level 43400, I Have 3 Interpretations in my mind for next movement in banknifty.
1. The pattern looks like its going to form a HEAD AND SHOULDER PATTERN. To complete this pattern it should move up to the 44000 level and then have to reverse.
2. Forming a FALLING WEDGE PATTERN. Here also the same, the price should move up from the support 43400 level.
3. Putting all these pattern aside, the red zone which I drawn on chart is Fibonacci Retracement Level. If market moves up and forms a Bearish Candle at this zone, I'll update the targets in below comments after confirmation.
Now you may understand that this analysis is not just for next immediate move. So, please be stay tuned here and click on follow button. Receive further updates directly to your mail when we update here.
Thank you,
Happy Trading...
Trade closed: target reached:
Upside Targets Achieved!