Banknity looking Bearish

16 ago 2020

Bank nifty is looking bearish. As it has made series of new Higher and Higher low. But in the month of august it cannot make new higher and and formed a lower high around 22400 level and reversed, which is a good sign of reversal. It is also forming a head and shoulder pattern. 21000 level is being a very strong support where banknifty has bounced back three times. We can have the 1st target in the neck line. If that is broken the the immediate support is @ 20000 levels. But before reaching 20000 level it will retrace and then can reach.