First of all thank you to tradingview for intraday Banknifty charting
BankNifty has a history of making very violent corrections when it finds a trendline and right now we have banknifty at a 1 month strong support trendline in a crucial demand zone. In addition the selling from 16k+ levels made the last week the largest volume week of the past few years : economictimes.indiat...icestab-futures.cms.
I expect it to retrace to at least 16.1. If it breaks above 16.1 then 17k will be tested as final tp - I have mentioned this in my first banknifty idea as well. Indian market is starting to slowly move away from the permabull sentiment however the market is still going to react well even though the cut wasn't what was expected in my opinion.
The second scenario is that Banknifty breaks down from the consolidation pattern and markets begin dumping quicker than I expected.
15.85k banknifty and the futidex bnifty can go to 16k
BankNifty has a history of making very violent corrections when it finds a trendline and right now we have banknifty at a 1 month strong support trendline in a crucial demand zone. In addition the selling from 16k+ levels made the last week the largest volume week of the past few years : economictimes.indiat...icestab-futures.cms.
I expect it to retrace to at least 16.1. If it breaks above 16.1 then 17k will be tested as final tp - I have mentioned this in my first banknifty idea as well. Indian market is starting to slowly move away from the permabull sentiment however the market is still going to react well even though the cut wasn't what was expected in my opinion.
The second scenario is that Banknifty breaks down from the consolidation pattern and markets begin dumping quicker than I expected.
15.85k banknifty and the futidex bnifty can go to 16k
Trade active:
Looks like we are breaking out, vicious double bottom at 15450. Great strength possibility of testing 16.25k and then 17k
