Bank Nifty- Bearish HARMONIC Trouble!
Attached: BankNifty Weekly Chart as of 17th March 2023
A Bearish Anti Gartley Pattern had got activated in Bank Nifty
on the 23rd Jan Weekly Candle Sell Off (Big Red Candle that caused a 5%+ decline)
Since then there has been a follow up as Price continues to make Lower Highs and Lower Lows as evident in the Weekly Candles that have followed
This Week's Candle has also closed below the round figure mark of 40,000
Conclusion:
BankNifty is in a Bear Market just like Nifty 50 (see my other ideas for the same)
HOLDING BELOW 43,000
A DOWNSIDE TARGET of ~ 34,000 in the Bank Nifty is Open
A Bearish Anti Gartley Pattern had got activated in Bank Nifty
on the 23rd Jan Weekly Candle Sell Off (Big Red Candle that caused a 5%+ decline)
Since then there has been a follow up as Price continues to make Lower Highs and Lower Lows as evident in the Weekly Candles that have followed
This Week's Candle has also closed below the round figure mark of 40,000
Conclusion:
BankNifty is in a Bear Market just like Nifty 50 (see my other ideas for the same)
HOLDING BELOW 43,000
A DOWNSIDE TARGET of ~ 34,000 in the Bank Nifty is Open
Siddharth Bhansali
✔️Twitter Handle @T_Harth
✔️Twitter Handle @T_Harth
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