BankNifty n the 23460 Zone!

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In my previous posts I anticipated bullish move from 23460 zone upto 23836, target for triangle (ABC) breakout pattern (refer https://in.tradingview.com/chart/BANKNIFTY/MgSqiB7W-1-1-for-Bank-Nifty/).

The expected 1:1 targets could not reach rather we have been facing a pullback D-E which is 61.8% of upmove B-D. From E the index took a nice bounce and has reached again to the 23460 zone, point F, which supposedly would act as a resistance now. Also the index is currently at the falling trendline of the downward sloping channel, which would also act as a resistance.

Now the question is if the index sustains this level or will it weakens and touches 23225-23270 zone?
Well!! looking at Niftyindex chart

and BNiftyindex chart both seem to be gyrating in a downward sloping channel. Currently both seem facing resistance at channel high and pointing in the downward direction, and the levels mentioned might be possible if further weakness follows.

But if the index crosses 23500 zone and hold, the analysis will have to be reconsidered.

This is just an analysis comprising personal views. Its not an investment advice.
Always manage your risks properly.

Thanks
Afraidtotrade

For detailed view on Nifty refer https://in.tradingview.com/chart/NIFTY/jP1pFol9-Nifty-A-Correction-Might-be-on-the-Cards/

ノート

Preliminary signs of weakness:
1. long wicks at the top
2. price reentering channel after breakfailure

confirmation is needed before short along with tight stops.

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As we notice nice squeeze (green rectangle) in price movement from 12.15 to 2.15, a sharp pop (in either direction) is expected after break of this range.

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Surprise move.
BN popped out of small range mentioned above, filled the gap created in the morning and sharply recovered back, rather broke out of range developed since morning.

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