Bank Nifty heading towards 22300 this week ?
The downtrend (if I may use this term) which started last week from almost 23K levels, seems to be playing out with lower highs and lower lows. The gap down of 17th May was been closed. The retracement was precisely from 0.786 Fibonacci levels.
Here we have a rising channel which if taken out on the downside, will continue the downfall below 22700-22650 levels.
Also, on a larger time frame (1H), there is a gap on the downside till 22300 if 22600 is broken. 22300 looks like on the cards this week.
SL can be taken at 22900 (Previous high in this downtrend)
Here we have a rising channel which if taken out on the downside, will continue the downfall below 22700-22650 levels.
Also, on a larger time frame (1H), there is a gap on the downside till 22300 if 22600 is broken. 22300 looks like on the cards this week.
SL can be taken at 22900 (Previous high in this downtrend)
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