Bank nifty Rising wedge pattern.Pattern Analysis
Rising Wedge Pattern:
A bearish pattern typically seen near tops. It shows narrowing price movement with higher highs but declining momentum.
Breakdown confirmed as price has fallen below the lower wedge support trendline.
Confirms selling pressure and rejection from the top near 57,300–57,500 zone.
🕯️ Candlestick Signals
Dark Cloud Cover:
A bearish reversal pattern indicating sellers have taken control after a bullish phase.
Big Red Candle + ‘M’ Pattern:
Bearish engulfing at resistance – strong indication of a top formation.
3 Inside Down Candlestick Pattern at Resistance:
Recent red candles have higher volume, confirming institutional selling activity.
As anticipated in our previous analysis, Bank Nifty corrected from the 57,000 level to 56,056, validating the bearish setup.
It is also expected to short here 56,550 add on any rise up to 57,700-57,950 for target mentioned on chart.
Alternative Scenario: Be aware that the rising wedge could potentially break upwards. If the price breaks decisively above the resistance trendline with strong volume, the bearish outlook would be invalidated.
