RahulAndra
Short

Banknifty 3 YR Long Term Consolidation Breakdown Short

NSE_EOD:BANKNIFTY   NIFTY BANK
Hello

This is an update from my BANKNIFTY             Long call from 13700
Bank Nifty Oversold


and my BANKNIFTY             short call which is at a breakeven point. The first scenario I had foreseen was a reversal at this lvl             . The second was retrace to 17k and then back down. Now I notice a 3y long pattern of consolidation that has been in development ever since BANKNIFTY             rallied from 8k to a 200%+ high of 20k. The banking index is looking weak as India continues to cut rates inorder to increase budget by decreasing payments on debt.

In the short term I think that the second possibility of 17k and back down is possible as the price action has been extremely bullish from 13k ranges and shows indications of wanting to test the top of the consolidation triangle at around 16.7k.

Best of luck

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