As u can see bank nifty rejected from trendline again this week is down for bank nifty but it also forming an symmetrical triangle pattern lets see where it goes ! This is for educational purposes only!
As per global market and our loan, India China tension, market seems to flow in negative tomorrow. So trade accordingly as per your convenience. All targets are given and i have provided only one resistance target which I don't think it also going to work.
1. MOVING AVERAGE CROSSOVER 2. TREND LINE BO 3. SUPPORT RESISTANCE 4. PRICE ACTION 5. SUPPLY AND DEMAND 6. BREAK OUT STRATEGY
It has made a Bearish Harmonic Bat in daily time frame. It could retrace till 1200/1175/1100 provided it does not start sustaining above 1270 once again. Harmonic Patterns are derived from Fibonacci Ratios when each angle of retracement aligns to confirm a reversal probability of 38-50-62 % of the existing trend.
SBI is trying to gain momentum above Gann 1x1 Angle. If it stays above, it will move toward Gann 2x1 Angle.