BankNifty - making a Gramophone Pattern, 34400-34500 can be seen

Spotted a Gramophone Pattern on BankNifty , Coincidently, the day’s low is right at pattern’s low.

If it breaks on the downside i.e. breaks today’s low, we may see a fall of 900-1000 points from the break out level.

That makes our down side target to 34400-34500 range, which is the level that supported BankNifty several times between May and July this year.
Please keep in mind, the above is subject to Break out on Gramophone pattern i.e. below 35400. Do follow some other system / indicator for confirmation of continuation of down move.

Nifty also closed at lowest level since Aug 5 today, making a large engulfing candle which has eaten up all the gains of past ten sessions.

Any rally up to 35880 can be used to create short positions, with 35980 as stop loss.

Crossover above 35980 is necessary for resumption of intermediate up trend, 36080-36280 being major supply zone .

This is not a recommendation to trade or invest, do consult your financial consultant before taking any positions. This post is purely for education or research purpose.


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