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Bearish Patterns

BANKNIFTY DOWN TREND ANALYSISSince Friday, the market has been trending downwards. Today, we seemed to have taken a pause and made an inside candle on the daily chart . Some key points from today's trade were, Bank Nifty closed below the key support of 35,000. There was large PUT open interest @ 35,000 which seemed to reduce drastically towards the end of the day. The market retraced upwards but was unable to re-test the 50% retracement level @ 35,550, keeping the downtrend intact. Considering that the market breaks the swing low @ 34,450 and moves lower, there is a very high probability that we could move considerably lower towards 32,800. This is presenting an excellent risk reward situation to take trades on the short side. If the market opens with a gap up, the down move may not come tomorrow as there will strong support @ 35,000 which maybe difficult to break. Hence, the best case situation for short trades will be that the market either opens flat and continues moving lower, or it gaps down below 34,400 and moves lower without a near by support in sight. These are my personal views and I reserve the right to be wrong. Like and follow, if you found this helpful. :)
NSE:BANKNIFTYShort
by ArcherDAVIS
NIFTY LOOKS BEARISH (Short Trend) Analysis on Nifty FUTDate 15 Monday Trading Plans View: Bearish Why Bearish View? Nifty is in the consolidation phase consolidating between 15436 and 14520. On Friday(15th March) we can see buying exhaustion and a good volume of supply near the top of the consolidation range. So the rule of trading in a sideways market is BOD and SOR(Buy on Deep or Sell on Rise) so it might drop till 14500 in the coming trading session. Why it Might Drop? From the market context, we can see the lows that are making by previous trading sessions are very weak (weak low) and (making poor low from market profile context) weak buyer(impatient buyer) need to be taken out and repair. DISCLAIMER: This is only my view for the coming trading session on NIFTY please consult your financial advisor. Market Can Do Whatever They Want Please Don't Try to Fight With Market.
NSE:NIFTY1!Short
by barunwahengbam2
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