Bank Nifty is trapped in a contracting triangle

Bank nifty is stuck in a contracting triangle, which looks like a bearish pennant pattern. A breakdown would indicate that the sell-off from the February high of 31,649 would resume and will likely yield a re-test of the recent low of 17,143 (April 3 low) and 16,166 (March 24 low).

Watch out for breakdown, that would be the best time to initiate a bear put spread. Don't forget that Nifty too has produced a rising wedge, which is also a bearish continuation pattern...