Description
⋅ 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.