1.There is back to back 6 red candles and a breakdown.
2.After fall it retested trendline support and again a red candle on testing with resistance 354890.
3. On monday Market may open gap down breaking the major trendline support and will 1st test the 34970 levels and then move to gap filling procedure and may be RED whole day.
4.Also today it seems like the new insurance premium news didn't work out in market which leaded banknifty closing in RED.
5.Levels to note
35275 to 35200 may be the opening price.
34970 strong support definitely not gonna
break in one go.
6. On daily time frame it has made symmetrical pattern but most imp is 1HR time frame with restest of resistance after breakdown clearly shows bearish signal.
-SHIVAM MISHRA
MGB
2.After fall it retested trendline support and again a red candle on testing with resistance 354890.
3. On monday Market may open gap down breaking the major trendline support and will 1st test the 34970 levels and then move to gap filling procedure and may be RED whole day.
4.Also today it seems like the new insurance premium news didn't work out in market which leaded banknifty closing in RED.
5.Levels to note
35275 to 35200 may be the opening price.
34970 strong support definitely not gonna
break in one go.
6. On daily time frame it has made symmetrical pattern but most imp is 1HR time frame with restest of resistance after breakdown clearly shows bearish signal.
-SHIVAM MISHRA
MGB