Has BANKNIFTY turned bearish?
Banknifty has been consoladating on All-time-High, after proper Tripple TOP formation it has given the breakout to the downside. Now at 45888 It might have a support if that breaks to the downside it will give a very nice target of min 500 points because next Support zone will be near 45313.
Reason:
Verdict:
Bearish-(Breakdown successful), Trend Reversal confirm.
Plan of Action:
Sell 46000 CE + Sell 45700 PE + BUY 45900 PE
Reason:
- Nifty Formed tripple top at all-time-high.
- RSI value is 30 shows lack of bullishness.
- Formation of evening Star at TOP of the trend shows strong reversal.
- Crossover of EMACROSS(13,50), usally signs reversal of trend.
- PCR = 0.78 (Neutral)
Verdict:
Bearish-(Breakdown successful), Trend Reversal confirm.
Plan of Action:
Sell 46000 CE + Sell 45700 PE + BUY 45900 PE
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