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Atul_Tirole

Bank Nifty Is Now Ready For Fresh Downside Rally

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BANKNIFTY INDEX FUTURES (NSE:BANKNIFTY1!)  
Atul_Tirole Updated   
NSE:BANKNIFTY1!   BANKNIFTY INDEX FUTURES
Trend Analysis Chart Patterns Harmonic Patterns BANKNIFTY BANK bankniftytrend bankniftytradesetup bankniftytrading short shortsetup Bearish Patterns Bearish Engulfing
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trendanalysis chartpattern harmonicpatterns banknifty bank bankniftytrend bankniftytradesetup bankniftytrading short shortsetup bearish bearishengulfing
There are many Price Action Patterns indicating that Bank Nifty can start fresh downside rally.

For More details: Follow above analysis
Comment:
As per above chart range of 22990-24200 is very very crucial range. Although today Bank Nifty formed bullish candle but RSI could not cross the 60 Level and now facing resistance at 60 level.

4 Hourly candle end up with Spinning Top again with RSI Facing resistance at 60 Level.

Hourly Chart formed Two Consecutive Spinning Top at closing time indicates Strong Indecision between Buyers & Sellers. This Indecision is supporting to our crucial range of 22990-24200.

Now eagerly waiting for breaking the range till then Be Calm, Keep Patience
Comment:
As I mentioned in my previous comment 24200 - 22990 is Major range which needs to be break for taking its direction.

In last two sessions Banknifty Closed above upper range of 24200 and today it broke the high, Now it clearly indicate the bullish break out of the range.

As I also mentioned that I will wait until it breaks the range either UP or DOWN, now bullish break has been confirmed, so now I will look it for Bullish Movement.

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Atul_Tirole
STATE BANK OF INDIA Long Term Analysis
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