Bank Nifty Analysis (Study Purpose Only)

This chart represents the Bank Nifty Index (1W timeframe), showing a long-term trend with higher highs (HH) and higher lows (HL). The key observations from the chart are:

Uptrend Channel:

The price has been moving within a long-term rising channel (purple lines).
Bank Nifty has consistently formed higher highs (HH) and higher lows (HL), indicating a bullish trend.
Recent Breakdown Sign:

The latest HH shows a potential reversal with a breakdown from a short-term uptrend (yellow line).
If the price fails to sustain above the yellow trendline, a correction toward the lower boundary of the channel is possible.
Potential Correction Targets:

The orange projected path suggests a drop towards the mid/lower range of the channel.
The first major support zone is around 29,500 - 30,000 (lower trendline).
If the channel holds, the long-term uptrend may continue after a correction.
Trend Summary:
✅ Long-term Bullish but currently facing a possible correction phase.
⚠️ Break of support could trigger a deeper retracement toward the lower channel.

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