Banknifty is forming falling wedge with double bottom formation.
Price may push to the up side.
Best long trade set up is above 45650, price trade lower to it is only sell on rise with proper risk to reward.
NSE:BANKNIFTY has formed inverted triangle pattern below previous major support which is now acting as a strong resistance and stopping bnf from moving upside ,bnf should be ready for a major correction as it has created the pattern while testing all the fresh support and now there is nothing to stop the fall, but in case if bnf manages to break the pattern...
Trade Setup
Short October Futures from the pullback level or current level.
High Volatility
Candlestick Chart
25% move from 32290 (17 Jun 2022) to 39759 (19 Aug 2022)
If we draw Fibonacci retracement for the same level then the 38.20% level comes at 36906.40.
Macd - Bearish Crossover
Renko Chart
Fake breakout of resistance at the level of 39011 and...
I am bearish on banknifty because of so many resons you can check or do your own analysis if you are agreee with me then like and follow me for more update
Banknifty may fall
But it can also give an upper breakout
Reason is news
If relief package is announced for small businesses, then market may open in green
Trade cautiously
If you have any doubt, comment below.
BankNifty... After some 10 days we are back to Nifty's favorite brother BankNifty. Many of you might remember how we rode Nifty with Waves, Now same for BankNifty ? Let's see... We already caught the Wave-3 and made money{check prev.post if you have missed that post}, Now lets concentrate on Wave-4. BankNifty getting caught within 100 points range is rare...
