BANKNIFTY closed relatively flat today amidst some market volatility. However, the pattern forming on the chart does not look good. We are potentially witnessing the development of a Head and Shoulders pattern, which, if completed, could signal a downward move. If this pattern plays out, we may see the index decline towards the 49,640 level.On the other hand, if Bank Nifty fails to form the pattern and continues its upward trajectory, we can see a significant resistance around the 51,900 level.
Important Levels:
Support - 49640
Resistance - 51900
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Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Please conduct your own research or consult a financial advisor before making any trading decisions.
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Want to learn the real, bank-level trading methods based on logic, not lore. I'll teach you mathematical and 100% mechanical strategies that lets you trade like the pros. DM me here or on Telegram: @StableLogic
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.