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Banknifty looking super bearish

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Banknifty has formed rising wedge pattern which is super bearish sign in the market. Also there is 200 EMA(purple line) support at the current closing level of banknifty. If somehow it breaks the 47500 levels and sustains below it for 5-10 minutes there will be big targets possible. Only disclaimer is HDFCBank has to support this down fall.

Target1 47033
Target2 46500
Target3 45960
Target4 45480
Target5 44950

Best case scenario:
Remember this is not possible in one day. This could be positional bearish trade. Because market has risen so much so if it breaks the rhythm it will be bit confusing scenario so will give some intraday spikes to take bear SLs but ultimately it will fall brutally.

Worst case scenario:
It could trap the bears around 47000 and reverse. In this market anything is possible but if the bulls are strong enough. they will surely defend at 47000 round levels. And they will defeat if it breaks it and then bear grip scenario possible.

DISCALIMER: I AM NOT SEBI REGISTERED ANALYST.ALL POSTS ARE EDUCATIONAL PURPOSES.NON ADVISORY, DISCRETIONAL NO CLAIMS,RIGHTS RESERVED.I AM NOT RESPONSIBLE FOR YOUR PROFIT OR LOSS.

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still not active. waiting for it.

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still the view is intact. market is not gone anywhere. Ones it's active will update here. still waiting.

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Updated chart

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Need to see how it reacts near 47700 today. based on that level we can decide if it takes support or fall. Otherwise ignore the selloff.

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Bearish only below 47700 only otherwise it will kill the bears.

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market was super bullish today. we will only think about this one it break the wedge bottom trend line otherwise ignore this.

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Addition to the channel pattern now. One more bearish angle formed.

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See the updated chart. Slight bearishness noted on friday. But cant say anything. Have to observe the trend for couple of more days and if gapdown happens on monday then it's surely to look for the further price action.

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According to fibo retracement. BN is on the perfect spot(0.236 support). if this support breaks then only we can expect some breakdown till treandline support. And futher to 47000. But the only condition is it should break the fibo or gapdown market can trigger this.

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Today everyone has observed the last half an hour fall. Still it's bit confusing at the moment. It could be bear trap today or it could be bulls' trap tomorrow. It should sustain below 48000. Then major trendline breakdown around 47800. Then yes. Will update tomorrow in live market.

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Look at the updated chart now. it's on the crucial level now. Make or break basically.

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48000 is broken now. Pehle 2 thappad pade hai. I dont think so without any good news now this market can sustain at this levels.

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47620 will be very important now. Above it's bullish & below it will become bearish again.

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Still the view is intact.

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48000 will act as biggest resistance. If it's crossed. market will become super bullish.

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Market should hold above 48200 levels now. Below it will be only bearish.

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2 scenarios building up now if market sustains above 48200 there will be resume of the bullrun again. See basically if you dont change your view time to time. You will be dead in this market. But i am still saying level to level play will be only win in current market.

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Started trading below the belt(48000). Fall can come if it dont relaim this level again.

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complete sideways market. Inside day candle forming. Shortcovering move possible above 48000

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What a move.............

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Game is just begin. Sell on rise market coming till the budget.

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Finally 47000 Target1 hit.

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Gun shot move can come below 47230

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Banknifty still considered as a deadcat bounce untill it gives upside follow through tomorrow.

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Bulls are defending 47500 levels.

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Target 3 in one day

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Only 500 points left in my target

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45000 can come. Still 1000 points fall pending in the BN

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500 points pending now.

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Nearly 2500 points fall in BN in a 3-4 days time. Not a joke guys.

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Kya bolti hai janta.

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Big blow. All given targets hit.

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Follow this anaysis now. Can see 500-700 points fall in midcp nifty soon.

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Banknifty looking bullish now. Please follow this analysis now.

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Further extension to this bearish view.

You must have seen above comment. Therefore if market will gapdown on following monday 5th feb. I will become bearish. Please follow this analysis if market gapdown.