BANKNIFTY
At a Crossroad. After a big rally, it has created a Cup and Handle Pattern, which is a Bullish Pattern. The minimum target in that case would be 47000.
But if 43600.35 Support is taken out then a Double Top will form which can take the price down to at least 40000. So, one should trade with caution.
At this crossroad between two opposite bias Patterns, I would love to remain Bullish until the Support gets engulfed. expectation is Cup and handle will fire and the price will go up to 47000/-.
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Comment:
The support 43600.35 has been faked out.
Trade closed: stop reached:
Achieved the target after hitting the stop.
