Bank nifty is all set for a breakout in the upward direction
but there are a few bearish confluences available like the continuous weakness of Hdfc bank until effective demand zones are reached.
there is a bearish butterfly harmonic pattern forming and there a few looming supply zones also available but due to the time already spent before reaching the supply zone and the eminent consolidation in front of the supply zone it seems obvious that there could be a breakout in either case if it breaks out we will use the supply zones to reate buy positions while
if it does not breakout we will look to buy at the demand zone in the chart in case there is a bearish rally downwards
but there are a few bearish confluences available like the continuous weakness of Hdfc bank until effective demand zones are reached.
there is a bearish butterfly harmonic pattern forming and there a few looming supply zones also available but due to the time already spent before reaching the supply zone and the eminent consolidation in front of the supply zone it seems obvious that there could be a breakout in either case if it breaks out we will use the supply zones to reate buy positions while
if it does not breakout we will look to buy at the demand zone in the chart in case there is a bearish rally downwards