First, I recommend reading the previous report of BankNifty.
Link: BANKNIFTY Can’t Wait to Fall – Even Without NIFTY’s Help
According to technical analysis, Banknifty is trying to collapse. It needs solid support to reenter into the uptrend channel. The strong support is nearby the 34600 level. It will try to retest levels this week.
The uptrend will start in below two conditions:
- If Banknifty remains above the uptrend channel.
- If Banknifty breakout the parallel channel.
MACD, DMI, MA, and Volume are signaling bears are stepped in.
What will happen if conditions break? Don’t miss reading the next report…