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Nifty Bank Index
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Has BANKNIFTY turned bearish?

Por finnova_
Banknifty has been consoladating on All-time-High, after proper Tripple TOP formation it has given the breakout to the downside. Now at 45888 It might have a support if that breaks to the downside it will give a very nice target of min 500 points because next Support zone will be near 45313.
Reason:
  1. Nifty Formed tripple top at all-time-high.
  2. RSI value is 30 shows lack of bullishness.
  3. Formation of evening Star at TOP of the trend shows strong reversal.
  4. Crossover of EMACROSS(13,50), usally signs reversal of trend.
  5. PCR = 0.78 (Neutral)


Verdict:
Bearish-(Breakdown successful), Trend Reversal confirm.

Plan of Action:
Sell 46000 CE + Sell 45700 PE + BUY 45900 PE
BANKNIFTYbankniftyanalysisbankniftytradesetupbankniftytrendChart PatternsTechnical IndicatorsTrend Analysis
finnova_
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