Wealthcam

BANKNIFTY trapping buyers..?

NSE:BANKNIFTY   Nifty Bank Index
As we can see BANKNIFTY showed a unidirectional move with immense momentum after it broke out of the trendline and the supposed inverted head and shoulder pattern as analysed in our previous post. Now tin a bigger time frame, we can still see BANKNIFTY trading at supply zone which previously acted as a demand zone hence until BANKNIFTY sustains above the given zone, we are bearish as it could be a potential trap for buyers so plan your trades accordingly.

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