As we can all see the formation of the triangle pattern according to price action it seems like the price will go UP.
But as already shown analysis on bank NIFTY its already in a down trend so that could make a big difference.
Let me tell you the reason to short it !!
Reason 1- There is Double top formation.
Reason 2 - it already broke a weekly trend line.
Reason 3- MACD has already shown a sell signal.
My analysis is only for study purpose, please don't take them as a piece of trading advice. I could be wrong but make sure to improve myself and show a better result.
Today is budget announcement day, the market will be volatile so stay cautious. But what I believe is chart pattern never lies. So yeah going to short Dr. Reddy!! #simplepriceactionstrategy (the market will be volatile today so have SL more than normal) !!
As you can see from the chart it is clearly visible Bank Nifty is forming a double top. My advice is to short it. We all can see the fall on lower time frame (15min). This is the first time publishing I am publishing my analysis I might be wrong but make sure to improve and give accurate knowledge. Thank You