BankNifty Short-term Technical Perspective:
π BankNifty seems to be hovering at the confluence of support from two critical Technical Setups:
#1 Short-Term Support Trendline (marked in Red), which is placed at around ~43800 levels
#2 Lower Support trendline of the Medium-term Rising Wedge which is under formation (marked in Green). The support is placed at around ~43600 levels
π The price action near 43800-43600 needs to watched closely for further clues.
π The chances of a Reversal from the mentioned support zone is not ruled out, but in case of a failure, the implications could be significant.
Close below the support area shall confirm a Rising Wedge breakdown, which has a bearish connotation.
It may damage the immediate sentiments further & possibly open the doors for a much larger correction!
π BankNifty seems to be hovering at the confluence of support from two critical Technical Setups:
#1 Short-Term Support Trendline (marked in Red), which is placed at around ~43800 levels
#2 Lower Support trendline of the Medium-term Rising Wedge which is under formation (marked in Green). The support is placed at around ~43600 levels
π The price action near 43800-43600 needs to watched closely for further clues.
π The chances of a Reversal from the mentioned support zone is not ruled out, but in case of a failure, the implications could be significant.
Close below the support area shall confirm a Rising Wedge breakdown, which has a bearish connotation.
It may damage the immediate sentiments further & possibly open the doors for a much larger correction!