We expected BANKNIFTY to be trending but huge gap up led to sideways market and retailers couldn’t make any money! But now BANKNIFTY can be seen in rising wedge pattern The rising (ascending) wedge pattern is a bearish chart pattern that signals an imminent breakout to the downside.
The level downside to watch is 38600 on which break we can see a huge downfall which will not only break the support but also break the trendline ( rising wedge ) pattern which coined lead to more than 300++ point downfall!
No long positions suggested unless sustained above 39000 which is a strong psychological level
The level downside to watch is 38600 on which break we can see a huge downfall which will not only break the support but also break the trendline ( rising wedge ) pattern which coined lead to more than 300++ point downfall!
No long positions suggested unless sustained above 39000 which is a strong psychological level