Banknifty looks like 70% ready for another leg up. Please see the chart for technical details.
1. Banknifty broke the trading range of 46 days
2. It gave a measure move to the upside 1160 points
3. It's also a spike up with the downward channel which I think is a pullback approx. 50% to the ema.
4. Good price rejection at the EMA giving a Doji on a daily time frame
5. The channel down has two correction legs with the lower one ending hopefully at H2.
From here I would expect an upward move for that Banknifty has to first break 45078 on a daily time frame.
6. Break of (5) will reinforce the long movement and the next subsequent target is to break 45229. Once 45229 is broken then BankNifty is pretty much onto it's target of making all time high roughly around 45896.
7. If BankNifty breaks below H2 that is 44562 in order to for it to become bearish it has to break the low of Trading range as of now the probability of it is quite less.
Please note that all this analysis is based on the price action and mainly for educational purpose only.
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