Where is bank nifty headed?
It has broken the parallel channel so two things can happen.
if there is a sharp fall from here, the recovery will be quick and it will go back to the parallel channel.
However, since there is a gap in NIFTY around 21k and it might go.. there is high possibility for banknifty to go into the second parallel channel which is what is more longer term. By chance if it falls to that 32000 level, that will be the time to get all in!! Because then again, the recovery will be super quick. It is on weekly chart, so it will take time to unfold.. may take weeks, or even several months..
This is a reminder post for myself too.. that if it goes to 32000 by any chance.. then I will not panic and i will invest at that time......
if there is a sharp fall from here, the recovery will be quick and it will go back to the parallel channel.
However, since there is a gap in NIFTY around 21k and it might go.. there is high possibility for banknifty to go into the second parallel channel which is what is more longer term. By chance if it falls to that 32000 level, that will be the time to get all in!! Because then again, the recovery will be super quick. It is on weekly chart, so it will take time to unfold.. may take weeks, or even several months..
This is a reminder post for myself too.. that if it goes to 32000 by any chance.. then I will not panic and i will invest at that time......
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