Nifty Bank IndexLong
A rally in Banking sector for sure!!
BNF CMP 48540
Pattern- H&S pattern is a long-term reversal pattern and that we can see it here we should be careful.
Trendline - the break of the trendline is an indication of a possible change in trend. So one more clue of a change in trend.
Fib- The 38.2 fib retracement is a strong support and in my view it will hold. On the right is the daily chart overwhich I have laid a Fib grid and further sub divided it to fill the gap between the low and 50400.
Conclusion - in the short term I expect the Index to move to 49600 and then to 51700 where it will also touch the rising trendline from below.
Pattern- H&S pattern is a long-term reversal pattern and that we can see it here we should be careful.
Trendline - the break of the trendline is an indication of a possible change in trend. So one more clue of a change in trend.
Fib- The 38.2 fib retracement is a strong support and in my view it will hold. On the right is the daily chart overwhich I have laid a Fib grid and further sub divided it to fill the gap between the low and 50400.
Conclusion - in the short term I expect the Index to move to 49600 and then to 51700 where it will also touch the rising trendline from below.
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