Banknifty Bearish move !!

The attached chart and the Volume analysis on Banknifty. Banknifty has broken a major diagonal wall of the daily chart downward on 20th July and standing below that. Are we entering into a bear pocket !! The answer will be a little logic-based.

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Last 3 days there was a good COI buildup happen in the index with a decrease in price, which means SHORT BUILDUP eventually monthly COI also building up with a negative price movement also. So, Short buildup in both the scenario. We can say yes the bank nifty is weak.
If we check the price action you will find a sleek demand zone around 34100-33900. This week's support zone is the only hope of revival of the index as per the data. If that breaks next support zone will be 32170-31900.

Now, if the index is sustained at the present range or takes the 1st support then also the journey of Banknifty will not be that smooth because the index will create a top flat channel with an increasing VIX.

This analysis is not for trading and only for the information.

Comment:

Banknifty Index must break and stand above 35067 by EOD basis for a bullish interest. Else otherwise...