BANKNIFTY - Whats Next
This is my study and not any kind of trade recommendation.
Undoubtedly BNF is positive, above all moving averages.
As per indicators - it is clear buy - looking at the trend from the past few weeks and especially the speed it reached current levels after recent Election results.
Trendline on Weekly time frame - OCT-2022 top to now, we see - there is some possibility of small correction possible, before taking of this high.
Another View :
Breakout Triangle :
July 2022 breakout triangle formation should take us expected target of 48,000 once the current trend line is crossed.
Another View :
Raising Wedge :
If we consider July-2023 high and this week's high - for raising Wedgle -- any reversal from here should see a small correction.
Another Wedge Formation:
Considering this Wedge format, we should see 48,000 before any correction.
Either way- we are close to the top and need to be cautious before taking the trade.
Undoubtedly BNF is positive, above all moving averages.
As per indicators - it is clear buy - looking at the trend from the past few weeks and especially the speed it reached current levels after recent Election results.
Trendline on Weekly time frame - OCT-2022 top to now, we see - there is some possibility of small correction possible, before taking of this high.
Another View :
Breakout Triangle :
July 2022 breakout triangle formation should take us expected target of 48,000 once the current trend line is crossed.
Another View :
Raising Wedge :
If we consider July-2023 high and this week's high - for raising Wedgle -- any reversal from here should see a small correction.
Another Wedge Formation:
Considering this Wedge format, we should see 48,000 before any correction.
Either way- we are close to the top and need to be cautious before taking the trade.
Aviso legal
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