BANKNIFTY LEVELS FOR 10/01/2024

BankNifty has breached the key level of 47,484, forming an M pattern that suggests the potential for selling activation. The consideration of 47,940 as a strong level implies that unless BankNifty surpasses this point, selling pressure may persist, potentially leading to a decline to 46,920.

I have plotted a trendline above this level, and a confirmed break of this trendline would signify a shift to a bullish trend.