Banknifty Monthly chart suggests that supply pressure is rising whenever the index tries to reach new levels, hence even if we see some recovery rally, chances are high that it might get absorbed soon, and the selling pressure may creep in again.
Candle: Shooting Star
Volume: Average
Structure: HH,HL
RSI: 67
Banknifty Weekly Chart, suggesting we might see further selling in the coming weeks, this week's candle is gonna act as strong resistance.
Candle: Weak( Engulfed prior week candle Entirely)
Volume: Average
Structure: HH,HL
RSI: 66
Banknify Daily Chart, suggesting some temporary bounce or recovery rally
Candle: Hammer ( after a good fall)
Volume: huge
Structure: HH,HL
RSI: 54
ICICIBANK AND SBIN STILL STAND STRONG AND MIGHT TRY TO SAVE THE INDEX FOR A WHILE, THOUGH HDFCABANK, KOTAK BANK, AND AXIS BANK LOOK WEAK AND MAY DRAG THE INDEX LOWER.
Candle: Shooting Star
Volume: Average
Structure: HH,HL
RSI: 67
Banknifty Weekly Chart, suggesting we might see further selling in the coming weeks, this week's candle is gonna act as strong resistance.
Candle: Weak( Engulfed prior week candle Entirely)
Volume: Average
Structure: HH,HL
RSI: 66
Banknify Daily Chart, suggesting some temporary bounce or recovery rally
Candle: Hammer ( after a good fall)
Volume: huge
Structure: HH,HL
RSI: 54
ICICIBANK AND SBIN STILL STAND STRONG AND MIGHT TRY TO SAVE THE INDEX FOR A WHILE, THOUGH HDFCABANK, KOTAK BANK, AND AXIS BANK LOOK WEAK AND MAY DRAG THE INDEX LOWER.