Long

BANKNIFTY Descending Channel Breakout Alert – Targeting 57450+

The chart displays a descending channel breakout in the Bank Nifty Index on the daily timeframe. After months of consolidation between a downward sloping resistance and support trendline, a strong breakout has been observed.

🔺 Resistance Zone (Red Channel)

Multiple rejections along the red downward sloping trendline marked as Resistance.
The breakout candle has successfully closed above this zone, confirming a bullish breakout.

🔻 Support Zone (Green Channel)

Historically strong buying zones identified at the green support trendline.
Each dip toward this line was followed by a bullish move.

📈 Breakout Confirmation

The price has broken out of the resistance channel, and the breakout zone is highlighted with a black circle.
The pattern height is used to estimate potential upside targets post-breakout.

🎯 Target Levels Post-Breakout

Initial Target: 53,950+
Next Target: 55,450+
Projected Final Target: 57,450+

(Calculated by adding the pattern height to the breakout level)

🛑 Stop Loss Strategy
A strict stop loss is placed below 51,450, to manage risk in case the breakout fails.

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