BANKNIFTY is trading near a critical juncture now. As it is breaking down from a 6-day consolidation range, it is finding support on the up-trending line from mid-March 2023, when the current uptrend started. It is pertinent to note that it is the first breakdown from a consolidation (albeit just 6 days) since the beginning of the current uptrend. If BANKNIFTY breaches the up-trending line, next support can be expected near 44550. A beach of 44550 level creates a first lower-low indicating a change in the trend character. For the present I am watching these levels closely.
Caveat: Future price action can change the structure of the market, and the current understanding.
Only personal observation. No recommendation,
Caveat: Future price action can change the structure of the market, and the current understanding.
Only personal observation. No recommendation,
Raju KMS Datla