BANKNIFTY Analysis
Symmetric triangle pattern on BANKNIFTY(Neutral chart pattern)
37720 is the support and it's just above support and it has sustained it well
Upside Targets: 38000,38232(if green candle sustains above 38064) and 38459
Downside Targets:37508 and 37083
Positives: 1. Major trend Uptrend
2. Well placed above 5,20,50,100,200 DMA
3. RSI, MACD and Stochastic all showing bullishness
Negatives: 1. HDFCBANK and KOTAKBANK not performing well
2.ADX(14) is 19.85 which is weak trend
NOTE: 1. Keep a neutral stance
37720 is the support and it's just above support and it has sustained it well
Upside Targets: 38000,38232(if green candle sustains above 38064) and 38459
Downside Targets:37508 and 37083
Positives: 1. Major trend Uptrend
2. Well placed above 5,20,50,100,200 DMA
3. RSI, MACD and Stochastic all showing bullishness
Negatives: 1. HDFCBANK and KOTAKBANK not performing well
2.ADX(14) is 19.85 which is weak trend
NOTE: 1. Keep a neutral stance
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