BankNifty seems to be forming a descending broadening pattern.
Statistically (Taking Thomas N Bulkowskis book as a reference) an upper breakout is preceded by a partial decline (as in this case) around 87% of the time.
Target in case of a breakout on the upper side would be the top of the pattern which is 35650.
Please note - Not a SEBI Registered Advisor/Analyst. Only for Educational Purposes. Please Consult your financial advisor before you take any action.
The book came highly recommended by a community member. Its really interesting if you have an interest towards statistics.
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Looking good so far. Hoping to hit the target by the next few sessions.