BEARISH INVERTED FLAG PATTERN BREAKDOWN IN PVT BANKS
SUMMARY:-
*major reason why banking sector is looking weak
*one of the most reliable pattern has formed in nifty private bank index
*the inverted bearish flag pattern and breakdown is visible and confirmed
*the pattern suggest another 5000 to 7000 points of downfall is expected
*I am not expecting banknifty to fall below 30000-32000
*all things are setting up on the weaker side for financials
-rising crude oil and gas prices
-rising in inflation and to prevent further rise interest rate measures(raising)
-rise in dollar index and usd/inr
*this will further impact financials negatively
*it may be a good setup for the budget a correction was needed
VIEW (INDEX IS NOT TRADED BUT HEAVY WEIGHTAGE IN BANKNIFTY)
SHORT@18100-18150
STOP@18550
TARGET@17850-17500-17300
(IT IS NOT A TRADED INDEX THE ABOVE MENTIONED TRADE IS ONLY FOR REF)
NOTE
*once in profit and first target is achieved
*trail your trade to short price so it becomes no profit no loss trade
*do not overtrade
*for more index and stock updates check the link in the signature box below
👇👇👇👇👇👇👇👇👇
*major reason why banking sector is looking weak
*one of the most reliable pattern has formed in nifty private bank index
*the inverted bearish flag pattern and breakdown is visible and confirmed
*the pattern suggest another 5000 to 7000 points of downfall is expected
*I am not expecting banknifty to fall below 30000-32000
*all things are setting up on the weaker side for financials
-rising crude oil and gas prices
-rising in inflation and to prevent further rise interest rate measures(raising)
-rise in dollar index and usd/inr
*this will further impact financials negatively
*it may be a good setup for the budget a correction was needed
VIEW (INDEX IS NOT TRADED BUT HEAVY WEIGHTAGE IN BANKNIFTY)
SHORT@18100-18150
STOP@18550
TARGET@17850-17500-17300
(IT IS NOT A TRADED INDEX THE ABOVE MENTIONED TRADE IS ONLY FOR REF)
NOTE
*once in profit and first target is achieved
*trail your trade to short price so it becomes no profit no loss trade
*do not overtrade
*for more index and stock updates check the link in the signature box below
👇👇👇👇👇👇👇👇👇
Note
17400 TILL NOWTrade closed: target reached
THIRD TARGET REACHED TRAIL STOP TO 17500 LEVLES TARGET 17000
NOTIONAL TRADE
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