FINANCIAL WIZARD

As we can see despite the break of neckline, BANKNIFTY managed to recover completely which shows the strength of BANKNIFTY. Now as long as BANKNIFTY maintains itself below the structure, every rise can be sold but if last high is broken then we may see another strong upmove in BANKNIFTY so plan your trades accordingly.

As we can see BANKNIFTY has finally breached the trendline and managed to close below. In bigger time frame, we can see BANKNIFTY forming more like a head and shoulders pattern trading currently at the neckline. Any closing below the neckline could give unidirectional fall so plan your trades accordingly.

As we can see BANKNIFTY has fallen more than 1000 points from its ATH and can also be seen forming head and shoulders pattern followed by trendline support. We’ve decided that as long as BANKNIFTY is inside the structure, we can expect it to be sideways to negative and hence we can expect BANKNIFTY to continue its sluggishness and break of structure could lead to even bigger fall so plan your trades accordingly.

As we can see BANKNIFTY got rejected exactly from the trendline though it recovered a little but ended up making an inverter hammer candlestick pattern in weekly timeframe showing that he selling pressure that BANKNIFTY is facing. Hence we can stand by our view that until and unless the structure is breached above no new fresh long positions should be made as the market can remain sideways to NEGATIVE in coming trading sessions is plan your trades accordingly.

As we can see despite the strong opening BANKNIFTY failed to sustain at higher levels and ended up being sideways to negative as we had been analysing in last few posts. As we can see BANKNIFTY has more one day end the week, we may expect any closing of this week’s candle inside the structure as a zone of sluggishness on the other hand if closes above the zone we may see another strong rally so plan your trades accordingly.

As we can see BANKNIFTY maintained itself strength and closed strong but below the structure hence as long we are blow and inside the structure. We may expect sluggish market so plan your trades accordingly