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SumantParanjpe

Bank Nifty short. Ascending triangle + FIb retracement

Short
Nifty Bank Index (NSE:BANKNIFTY)  
SumantParanjpe  
NSE:BANKNIFTY   Nifty Bank Index
Trend Analysis Fibonacci Trend Lines
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trendanalysis fibonacci trendline
An ascending triangle is formed in Bank Nifty with major resistance at 22,500. It is also the 50% resistance level as per the Fib retracement. Lower volumes in recent days support the above hypothesis. If the trend line is broken with good volumes, it could retrace back to 20,000 levels

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