BNF LEVELS FOR 5TH MAY 2021

DISCLAIMER !!!
The following idea is just my analysis of current market condition.
Ideas and predictions published here are for educational purposes only.
Please conduct your own research and analyze market conditions before trading.
I WILL NOT BE RESPONSIBLE FOR ANY LOSSES occurred if someone decides to trade by following my idea.
.
.
.
Bank Nifty opened with a considerable gap up.
Everybody thought that it would continue this rally but no to avail.
It started falling and then fell below its opening which indicates that bears might be back in the game.
Important buy/sell triggers are mentioned in the chart.
.
My analysis says that the market is going to fall.
I have three reasons for such opinion.
1) The 50 - 200 Moving Average has crossed over from above and further fall is expected.
2) Closing RSI is below the crucial level of 40.
3) The biggest reason is that as you can see in the chart, market is close to completing the "Head and Shoulders" Pattern which shows a bearish trend.
.
You can judge the trend depending if the pre-market levels are either gap up or gap down and follow the green and red paths respectively.