NSE BANKNIFTY: Break-out OR Fake-out?

Free nse banknifty chart calls

Banknifty has been forming a descending channel for more than two months. Price has fallen to 32290 and started creating pullback for sellers.

There are two possible reversal points for Bank nifty:
1) Bank nifty can reverse in the range between 34147 – 34205.
2) Lower-high can complete at 34650, which is 61.8% retracement.

These confluence zones indicate that price has an upside limit of 34650. If the price sustains below 34650, traders can short for the following targets: 33847 – 33100 – 32600 below.

According to the chart, the trend is bearish, but we shouldn’t take any short positions without confirmation. Buyers are limited to 34650.
If the price starts falling in the early stage, the breakdown of the H-line will initiate a short signal immediately.

Premium subscribers can wait for intraday & swing setup in our mobile applications.

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Is Nifty Preparing For 14800?

Free nse nifty chart calls

Nifty is forming in a descending parallel channel. Prices are building corrective pullbacks to manage demand pressure and fall from resistance since the start of the correction. Nifty has created a lower low at 15183 and given an upward move of 15927.

Nifty has faced supply pressure on the upper band three times. It indicates that bulls are not exceeding supply pressure and upper band. As bulls give up, bears enter and drive prices to lower levels.

As per my previous article, 16200 is strong resistance for bulls and the supply zone of the parallel channel. If the price sustains below 16200, traders can expect the following targets: 15740 – 15326 – 14870. We can expect a fake-out of the parallel channel.

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