BNF weekly head & shoulder pattern formation

The BNF (Bank Nifty) index has experienced a continuous four-week decline, consistently closing in the red. Last week, there was a consolidation phase observed. Upon closer analysis of the daily chart, a head and shoulders pattern has already been identified. Interestingly, the weekly chart also reveals the formation of a head and shoulders pattern, further confirming the bearish sentiment in the market.The BNF (Bank Nifty) index has experienced a continuous four-week decline, consistently closing in the red. Last week, there was a consolidation phase observed. Upon closer analysis of the daily chart, a head and shoulders pattern has already been identified. Interestingly, the weekly chart also reveals the formation of a head and shoulders pattern, further confirming the bearish sentiment in the market.

Next week, the crucial level to watch for the BNF (Bank Nifty) is 43511. If the BNF starts closing below this level, it would signal the activation of a bearish trend. On the upside, the range to monitor is between 43700 and 44122.