BANKNIFTY- Extracting Triangle refuses to die

The index came might close to triggering a buy in the morning minutes as it made a high of 21245 while the trigger was placed above 21252. But as they say, ‘so near yet so far’ and that is what one witnessed in yesterday’s trading in the index. Moreover the bears not only protected 21252 but they also managed to break 20500-20550 band thereby rejecting Flat pattern and now if the index were to gap down below 20245 then Extracting Triangle will once again make a comeback.