Bank Nifty : Ascending triangle

7 Mei 2019

Bank Nifty has maintained breakout of ascending triangle by not closing with the support line (blue). Many analyst won't consider red as trendline but through out past experiences we have observed that trendline which has started some where in the mid of trend gives much strong support than the trendline which started at the initial stage. 29180 (50 DEMA) and 29150 are supports which may give some relief to the buyer. If index holds this level then 29370-29450 can't be ruled out but these are the levels where one should go for short with stop loss above 29670 for target 28400 on the lower side. RSI is in oversold territory on intraday time frame which can give minor pullback.