Nifty Bank IndexShort
Bank Nifty Trend Analysis
A potential double bottom is forming.
This rare pattern highlighted is known as Adam & Eve pattern where first bottom is V - shaped and second one becomes rounding bottom.
Recently it broke out of head & shoulder pattern and may retest the neckline again before heading towards its technical target around 31500 level.
If that level sustains then the rounding bottom will be more prominent, that's the reason I have drawn that curve.
Before going down, some pullback is expected till 35550 level which is now a strong resistance level.
Some support around 33450-33550 level is expected before the final drop.
Logic behind formation of bullish pattern is when repo rate increases, banks will also increase their lending rates consequently profitability increases.
As always do your own due diligence before taking any action.
Peace!!
This rare pattern highlighted is known as Adam & Eve pattern where first bottom is V - shaped and second one becomes rounding bottom.
Recently it broke out of head & shoulder pattern and may retest the neckline again before heading towards its technical target around 31500 level.
If that level sustains then the rounding bottom will be more prominent, that's the reason I have drawn that curve.
Before going down, some pullback is expected till 35550 level which is now a strong resistance level.
Some support around 33450-33550 level is expected before the final drop.
Logic behind formation of bullish pattern is when repo rate increases, banks will also increase their lending rates consequently profitability increases.
As always do your own due diligence before taking any action.
Peace!!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.