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Nifty Bank - Downward Breakout Confirmation?
Nifty Bank Index
Short
Nifty Bank - Downward Breakout Confirmation?
By TRADING-NASA
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Jan 19
2
Jan 19
Key Points:
Nifty Bank currently at 46000, a key resistance area.
Previous attempt to break resistance resulted in sideways consolidation (distribution phase).
Recent breakdown with volume suggests potential bearish continuation.
Wait for pullback towards 46300 for confirmation and short entry.
Technical Analysis:
Resistance zone around 46000 previously tested and failed.
Sideways movement for months indicates distribution of holdings.
Breakout with volume on the downside confirms bearish momentum.
Strategy:
Bearish:
Enter short position if Nifty Bank pulls back to 46300 with confirmation (e.g., bearish candlestick pattern).
Set stop-loss above 46600 to limit potential losses.
Target initial downside levels at 45400 and 44800.
Neutral:
Wait for further confirmation of the breakdown before taking a position.
Monitor price action and volume to assess strength of bearish momentum.
Disclaimer:
This is for informational purposes only and not financial advice.
Always do your own research before making investment decisions.
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Chart Patterns
Harmonic Patterns
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sidewaysmovement
Trend Analysis
TRADING-NASA
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