Both CNX FINANCIALS & NIFTY PVT BANK indexes have made Bearish Harmonic AB=CD which also happens to be v close to their weekly & monthly Ichimoku resistance. Financials could retrace till 10500 while Pvt Banks could retrace till 11500. View would negate if they move and sustain above 11500 & 13100 respectively.
Harmonic Pattern on Nifty PVT Bank
Potential Reversal zone is 18029 - 17943, if trend reverse from the position then bank nifty will fall minimum 100 pts.
Disclaimer: This is just a prediction of current market condition and it does not guarantee a success in trading.
Is BANKNIFTY' in Sell on Rise Mode?
Who protect BANKNIFTY' from falling?
#1. NIFTY' PVT' Bank: Struggling - Probability of Flat to "-VE" Return.
#2. NIFTY' PSU' BANK: Exhausted - Probability of "-VE" return.
Education Purpose Only.