NSE: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/-. Disclaimer: Stock trading is inherently risky and you agree to assume complete and full responsibility for the outcomes of all trading decisions that you make, including but not limited to loss of capital. None of the stock trading calls made by Prosenjit should be construed as an offer to buy or sell securities, nor advice to do so. All comments and posts made by Prosenjit are for information purposes only and under no circumstances should be used for actual trading.
As we stand at this crossroads with conflicting patterns, I prefer to maintain a bullish stance until the support level is decisively broken. My expectation is that the Cup and Handle pattern will play out, pushing the price upward to reach the 47,000 mark. 🚀