Bank Nifty has reached the earlier given target ( Fibonacci level on long term view 0.618 ) and now its time for a reversal trend.
Anything above the current level is purely a STOPLOSS HUNTING.
The next strong bullishness is only above 26958
Rest is explained in the chart with the markings
tagging the previous chart down
Nifty is forming a lower lows and there can be a pull back as per the pattern and the Fibonacci level which is mentioned in the chart.
the pull back can sustain only on intraday time frame and not for the swing for upside.
therefore 11770 to 11800 will act as a crucial zone to decide the market movement since 3rd November 2020 is the US election.
Nifty and Bank Nifty both are week for a short tern.
upside : 12140 if it breaks the resistance
down side : 11300 once it breaks the wedge pattern
Best option strategy is to HEDGE for the last expiry of the month or for the oct first expiry