BANKNIFTY formed HEAD AND SHOULDERS pattern.. showing weakness??

BANKNIFTY is now showing weakness as we analysed that 40000 being a round level will act a psychological level and a important resistance and hence BANKNIFTY turned negative from that very level! Now in a bigger time frame, you can see more like a Head and Shoulders pattern which indicates weakness as it breaks its neckline!

So the level now to watch it 40000 being the important resistance and a round level making a good psychological resistance and 39300 being the important support!

BANKNIFTY could be in this range for upcoming period if these levels are not broken either side and hence fresh position should only be made if either of the levels is broken and sustained