Head and should pattern form on the banknifty
Bank Nifty monthly, weekly and daily trend is a down trend; however, Bank Nifty formed a head and shoulder pattern on the daily timeframe.
But there is lots of put writing observed on the option chain compared with call writing, so it is important that Monday's market opens.
If banknifty opens the gap down or flat and breaks its resistance, then we can see short-term bounce back in banknifty.
If banknifty opens a gap up or flat and breaks its support, then it will continue its down movement. Psychological support level is 49666 and resitance level is 50388
But there is lots of put writing observed on the option chain compared with call writing, so it is important that Monday's market opens.
If banknifty opens the gap down or flat and breaks its resistance, then we can see short-term bounce back in banknifty.
If banknifty opens a gap up or flat and breaks its support, then it will continue its down movement. Psychological support level is 49666 and resitance level is 50388
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