forextidings

BANK NIFTY - Potential Bearish Butterfly And Short Opportunity

Short
NSE:BANKNIFTY   NIFTY BANK
In the previous week, bank nifty has lost 422.35 rupees. A runaway gap of bank nifty was 369.65 rupees on the last Monday. Overall, it seems bullish ahead. We may see at 25000 to 25500 soon. But this is an alternative scenario.

According to this chart, the harmonic bearish butterfly pattern says bank nifty will start falling from here for the following target levels: 23960 - 23560 - 22886 - 22420.

To trade with Harmonic Pattern:
From point D, a trade can be entered with stops at or above (below) the price point at D.

Comments

clear explanation
+1 Reply
You see, if SBIN is NOT going up then BANKNIFTY is not going to 25000. It is basically all about SBIN, I guess. The BIG DADDY will take the basket up or will give up the struggle.
Reply
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