On hourly charts, Bank nifty forms descending triangle pattern after sharp rally. Descending triangle which is basically back to back lower highs but not followed by lower lows; lows are almost same. In bank nifty lows are near 41750 level. So by pattern bank nifty should take support on this zone and move upside upto 42800 (as crucial resistance ). Also 42600 level is crucial because if we draw fibonacci from bottom to top then bank nifty now at 0.38 % retracement level which is 41600. Bank nifty try to take support from last 5 candles so we could expect upmove. We can buy from 41800 + level. Trade with stoploss. SEE YOU !
Comment:
Bank nifty opens gap down due to adani news. So today will be a tough day for banks by that result for nifty also. So our pattern failed