Short term bullish trend is still intact. If there is a confirmation of a bearish trend red candle appears and a lower close than today's close, then we can say the bearish trend in bank nifty has been resumed.
We know a phenomenon in technical analysis that Support becomes resistance and vice versa. We may see this happening in Nifty in the upcoming days as 17800 support may become the resistance.
Also, there is a small gap that needs to be filled. Short term trend is up, but medium-term trend is still down.
These are probable channels for the Nifty 50 index. It can continue rising with respect to the acceleration channel and finally break out of it.
There is an important confluence of the middle lines of the bigger channel (Black in color) and the acceleration channel on Friday 02nd Dec 2022.
It will be an important turning point.