Nifty Bank IndexShort
BANK NIFTY Head & Shoulder Pattern in 1hr. Chart
Updated
Hello Traders,
BANK NIFTY has formed a Clear Head and Shoulder pattern in 1hr. chart and breakdown the Level of 47200 and now it is consolidating at support level of 46900.
Market is Bearish
Case 1 :If it sustains at same level i.e 46900 we can expect an short upward rally to re-test at 47200-47300 levels and from there onwards we can see a bearish move down to 46300 - 45700 levels.
Case 2 If it does not sustains at 4900 levels we can expect a downfall to 46750 levels which is the 2nd support level after 46900 and then market may go for retest zone and then we can expect a Bearish rally until 46300 - 45700 levels.
*Re-testing will a good confirmation for the bearish market.
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Thanks for your Support
Share your thoughts & opinion in the comments section
**Not Sebi Registered
Do your own Analysis and take the positions
All the Best and Happy Trading.
BANK NIFTY has formed a Clear Head and Shoulder pattern in 1hr. chart and breakdown the Level of 47200 and now it is consolidating at support level of 46900.
Market is Bearish
Case 1 :If it sustains at same level i.e 46900 we can expect an short upward rally to re-test at 47200-47300 levels and from there onwards we can see a bearish move down to 46300 - 45700 levels.
Case 2 If it does not sustains at 4900 levels we can expect a downfall to 46750 levels which is the 2nd support level after 46900 and then market may go for retest zone and then we can expect a Bearish rally until 46300 - 45700 levels.
*Re-testing will a good confirmation for the bearish market.
If you feel this was helpful !! pls Like, Support & Follow
Thanks for your Support
Share your thoughts & opinion in the comments section
**Not Sebi Registered
Do your own Analysis and take the positions
All the Best and Happy Trading.
Note
Case 2 has just Rocked it till retest zone area ...lets wait for trend reversal..Note
Perfect trend reversal from retest area & Target 1 is done.Trade closed: target reached
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