TRADEMANIAC

The Bank Nifty Index:- appears to be exhibiting a Death point pattern, signalling a potential downward movement. However, there seems to be limited room for a downward trend, possibly only reaching around 44000. It's worth noting that the Bank Nifty is currently near the oversold zone. For the upcoming trading session, it's anticipated that the Bank Nifty might open with a slight negative bias, around 44150, and could attempt to establish a negative breakout pattern. Traders should keep a close watch on whether the anticipated Banknifty pattern materializes. If this occurs, there could be a decline towards approximately 44040. It's important to exercise caution since the Bank Nifty is already in an oversold state. In the event of short covering, should the Bank Nifty manage to sustain levels above 44300, there could be a potential short-covering rally towards 44366 and 44475. To gain insights into identifying trends ahead of time and understanding how patterns operate in real-time market scenarios, you can explore our advanced price action course. Further information is available on our homepage.