BANKNIFTY
Hello and welcome to this analysis on Bank Nifty
The steep gap down on Monday breached a very crucial support zone of 33800-34000. Post the gap down we saw attempts of recovery which appear more sideways with a very minor higher low higher high bias.
The structure appears to be making a Bearish Flag with the prior decline as the Pole. We can see a squeeze formation so far in it in lower time frame. It is indicating one more attempt for 33800-34000 before it resumes downward move towards 32500 and lower.
The steep gap down on Monday breached a very crucial support zone of 33800-34000. Post the gap down we saw attempts of recovery which appear more sideways with a very minor higher low higher high bias.
The structure appears to be making a Bearish Flag with the prior decline as the Pole. We can see a squeeze formation so far in it in lower time frame. It is indicating one more attempt for 33800-34000 before it resumes downward move towards 32500 and lower.
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