Bank Nifty - National & Global Uncertainty May 12-15

Weekly and Daily chart comparison for Bank Nifty

Bank Nifty is at significant resistance levels. National and global uncertainty mentioned in the chart could lead to consolidation or unexpected price action.

Fairly high risk when trading this week. Be careful.

Comment:

Also note that in the weekly chart there could be a Head & Shoulders pattern forming - which could likely turn out to be a Double Bottom of sorts.
Whereas in the Daily chart there appears to be an Inverted Head & Shoulders with the price at the neckline.

Comment:

I had a long position on May 3rd. Was planning to close yesterday but with the gap up bought more lots. Closed today at 26000 (futures). Bank Nifty has gone against my expectations - for now. But one cannot ignore the trend. So took the opportunity to ride the wave for a bit and got out.

I am still very sceptical about the up trend... so only quick in and out trades for now.

Comment:

Bank Nifty showing signs of a Bearish Belt formation. Careful. I just cannot see how it will sustain at these levels with Karnataka and Iran issues coming up on the 12th of May.