Banknifty had a similar setup like nifty50,
open with a gap, saw follow-up sell-off, closed near its low, forming big bear candle.
Similarly, this big bear candle would act as a resistance for any bounce to come.
There are two harmonic patterns probability on the chart
1. Bat Pattern - Currently the price is trading near the Bat pattern prz zone, and chances are that we might see some bounce from here, as of now it looks like this pattern might act as a retracement pattern because the overall structure is sell on rise.
However if 36700 breaks decisively, the next support I see is around 34600-34500.
Immediate resistance is at 37400- 37460
open with a gap, saw follow-up sell-off, closed near its low, forming big bear candle.
Similarly, this big bear candle would act as a resistance for any bounce to come.
There are two harmonic patterns probability on the chart
1. Bat Pattern - Currently the price is trading near the Bat pattern prz zone, and chances are that we might see some bounce from here, as of now it looks like this pattern might act as a retracement pattern because the overall structure is sell on rise.
However if 36700 breaks decisively, the next support I see is around 34600-34500.
Immediate resistance is at 37400- 37460
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Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.