As we can see in the chart that BANKNIFTY was continuously going upwards since 22nd April. On 29th April BANKNIFTY faced the resistance of 33950 level and then pullback occurred. Right now BANKNIFTY is currently trading at 32700 level, now we can call this pullback as a retracement. So as per the Fibonacci retracement, BANKNIFTY can retrace 50% and then it will...
As you can see on the chart that the bank nifty is touching its major trendline on a bigger timeframe. In the coming week, we will get to see the further moves. What do you think about this trendline, is it going to break or not?
On a chart, Right now bank nifty is at its strong support zone. there is no strong selling pressure yet to break those levels. So the market can also reverse from its current level.
However, that support level has been tested so many times so there might be some chances that this support level would break.