BANKNIFTY breaks down after a short period of consolidation. Apparently, price action is showing a Bear Flag pattern, which is confirmed with a close below 30,530. Target of the pattern comes in at 29,330.
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Bank Nifty Technical Pattern
Interesting Chart Pattern Idenfied
In case it continues the momentum, and in the process break 29770,
But since the PCR ratio are loudly pointing towards the other Side.
Close Watch for next 2 Days.
Further Strong Slide
We will meet on ThursDay to review this.
Canarabank has made descending triangle,we will short below 281
ENTRY = 281.3
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Banknifty formed a new channel which has target 31070 nearby.
This is also resistance and Pivot for changing direct for short term at 3020 nearby.
This new channel is not reliable as compare tight and bigger channel.
The bank has been in a down trend for sometime now and looks like more is yet to come. Looking at the weekly chart, the bank is sitting on a very crucial level of 116.20 (which is on the trend line ), down below the 120.50 major support. There are chances for the prices to climb for a short moment, owing to the positive divergence between the price and the RSI...