BANKNIFTY Weekly Analysis // Reversal or Breakdown?

https://www.tradingview.com/chart/d5w5k0Pf/


Everyone has seen a severe breakdown in BankNifty in recent day and more than 10% correction. But hey, wait a minute.
Did you checked the level where it is holding right now?
It is the same level from where it has reverted several times in past. Meaning, we can consider it as a strong buying zone.
Along with the above, it is also a level where 38% retracement is there from Fibonacci retracement perspective.
Consider the level of support at 49700, if BankNifty doesn't goes below from here next week, be ready for a resume of bull run again.
So, the next resistance will be : 54400, 57500, 60500, 63600
and, the support will be : 48200, 46800, 45800.

So, wait for the end of the current weekly candle. If you could see there are approx 5 divergence too on weekly candle which suggest change in situation.

Good luck.

Thanks
StoxWare team