aks85
Short

Bank Nifty-Rectangular Channel+Shooting Star at top-Short Setup

NSE:BANKNIFTY   NIFTY BANK
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6
As seen Bank Nifty has been consolidating in a rectangular channel forming equal highs and equal lows in the hourly chart. Buyers have been facing resistance around 18700 levels as can be seen by the red arrows. It has also formed a Shooting Star candlestick pattern encircled in red, which is a bearish reversal pattern.

Short- Below low of shooting star i.e 18650.
Stop Loss- Above high of shooting star i.e 18750.
Target- 100 points, 160 points (twice the height of shooting Star )
Trade closed: target reached: 18500.

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