#banknifty analysis for next few weeks:-
#banknifty is currently in a complex correction phase and general traders should avoid these types of market.
On the pattern formation, we see the head & shoulder patterns getting formed, the neck will break around 43,400, which gives us two targets on the downside (42,992-43,109) and (42,250-42,493).
For swing traders, you need to patiently wait for lower targets to initiate fresh long, which might take you to the 45,500 area, technically stop loss is very deep but you can try to catch reversals in these areas keeping a 300-point SL for a target of 3000 points (RRR 1:10).
Always trade what you see, not what you feel.
Regards,
SG.
#banknifty is currently in a complex correction phase and general traders should avoid these types of market.
On the pattern formation, we see the head & shoulder patterns getting formed, the neck will break around 43,400, which gives us two targets on the downside (42,992-43,109) and (42,250-42,493).
For swing traders, you need to patiently wait for lower targets to initiate fresh long, which might take you to the 45,500 area, technically stop loss is very deep but you can try to catch reversals in these areas keeping a 300-point SL for a target of 3000 points (RRR 1:10).
Always trade what you see, not what you feel.
Regards,
SG.