BANKNIFTY--Case1 or Case2??BANKNIFTY Index is showing bearish pressure after the liquidity grab above 47200 levels,
tomorrow we have a chance of price trading in a channel and likely to test the demand zones at
46500 levels...
these two possible cases may happens ::
Case1::Rally base Rally
A strong rise is observed from the demand zone at 46500 levels, by creating a bearish channel price may test this demand and again be bullish.
on topside if rally base rally happens the next resistance is 47600-47700.
So take care of your trades.
Case 2:: Rally Base Reversal
On topside we have a triple top, which is a strong resistance so, we can expect a break below the the demand zone and it will continue its movement towards bottom side.
Look for buy if the price grabs the liquidity on below the demand zones and keep in long side from demand zones.