As per the analysis of this hourly time frame provided chart, the outlook for Bank nifty suggests potential downside towards the levels of 43878, 43784, and 43632 the reason it created a double top pattern with bearish RSI divergence and broke a important support level (44144) and closed below so it could face a selling pressure again if price will reach to 44144 which earlier was resistance after turned into support and now again will act as a resistance as price is trading below that, So on tomorrow's session we can see a tough fight between Bulls & Bears for coming trend decider day closing. Trend can again go in positive zones if price will sustain above 44144 with bullish strength and sentiments.
Big trends will always start from smaller time frame charts.
Disclaimer-: Please do not take it as a trading advice this idea is only for educational purpose one can identify the bearish divergences, double top pattern and supports or resistances by this
Like and follow for more ideas & updates, stay tuned regards. Amit Rajan
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Closed below 44K a phycological number trend is still indicating that it might turned weak it is due to profit bookings or a cool down after a long run and after a it is often see when after financial result season is over due to some big portfolios are shuffling or rebalancing , i think the mentioned levels worked properly took resistance and price not sustained where it can go again in positive zones despite of greens in private sector banks like indusind bank, axis bank, aubank which are major constituents of it. Will share weekly chart too in update thanks
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Today seems a selling pressure near mentioned resistance of 44140 and came down to exact mentioned support and bounced, today's high 44124 today's low 43874 on exact mentioned support 1, still it is looking sell on rise in this index till 44140 not break and close above.
WEEKLY CHART LAST WEEK CLOSING NOT LOOKING GOOD
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TODAY AGAIN TAKING SAME MENTIONED RESISTANCE, BUT NOW I FEEL THAT REGULAR HIT ON RESISTANCE MAKING IT WEAK, LET'S US WAIT FOR A BREAKOUT
Trade closed: target reached
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ALL THREE MENTIONED LEVELS FOR REACHED TODAY, LAST AND FINAL UPDATE FOR THIS IDEA, WILL PUBLISH A NEW ONE ON THIS GIANT WHO KILLED MANY TODAY.
I think bears bro...Well Chart has made a double top so we can expect some downside.
AMIT-RAJAN
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@TraderRahulPal Yes bhai you are right, symbolically it seems to be correct so far, although global indices closed on a positive note yesterday so we can see a sell on rise here in some sessions overall structure is still Ok thanks for like and comment ❤️✌️
@kulwantdeol Thank you so much, Good to know that you liked it ❤️✌️🙏
AMIT-RAJAN
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Still private banks supporting to index, let's see where we will get a day closing, it will be an interesting session today for traders, Got rejected today morning near about mentioned resistance went down and now trading above, bulls are really looking to hold 44000 strike tightly
AMIT-RAJAN
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Waiting for your feedbacks, Thanks in advance for all mates ✌️🙏
TraderRahulPal
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@AMIT-RAJAN, Welcome dude, your analysis absolutely perfect.