BANK NIFTY: Broke all major support levels incl of its 200DEMA at 43267.
BANK NIFTY also formed a double top with neckline support at 43400 which is a bearish pattern in daily chart. On 23rd Oct it broke neckline support and as per Double Top chart the down fall target is equivalent to the depth of the pattern which is almost 2000 points.
Next major support lies at 42500 followed by 42000.
Bank nifty needs to close above 43200-400 to negate the pattern or otherwise sell on rise is expected eventually pulling the index down towards 42000 levels.
(For educational purpose only)
BANK NIFTY also formed a double top with neckline support at 43400 which is a bearish pattern in daily chart. On 23rd Oct it broke neckline support and as per Double Top chart the down fall target is equivalent to the depth of the pattern which is almost 2000 points.
Next major support lies at 42500 followed by 42000.
Bank nifty needs to close above 43200-400 to negate the pattern or otherwise sell on rise is expected eventually pulling the index down towards 42000 levels.
(For educational purpose only)
Comment:
as projected almost TGT 1 on the downside 42700 from 43000+ done,still looks weaker as witnessed by strong bearish candle in daily chart
Comment:
Moving towards 42000 one of the major support as projected while Bank nifty was trading at 43150 levels.
If does not take support at 42000 levels expect further free fall towards 41000-
(for educational purpose only)
If does not take support at 42000 levels expect further free fall towards 41000-
(for educational purpose only)