Bank Nifty - Weekly review Feb 17 to Feb 21

Price gave nice fall from rising wedge pattern and in that process has formed a descending channel. Now price is testing the upper trend line of the channel. 49000 zone is the trend direction deciding zone.
Buy above 49040 with the stop loss of 48940 for the targets 49140, 49220, 49340, 49460, 49600, 49720, 49850, 49980. 50k is important zone and price may become volatile as buyers and sellers will try to show their strength at that zone. Sustaining above 50100 can give another 500 to 800 points move.
Sell below 48800 with the stop loss of 48900 for the targets 48700, 48580, 48500, 48360, 48200, 48040 and 47950.
Do your own analysis before taking any trade.