BankNifty: Pattern Signals Decline of 2,000 points 📉
The Bank Nifty broke below a significant technical pattern known as the head and shoulders at the 44,500 level.
The breakdown has led to a dip towards 43,600, suggesting potential downside pressure.
Keep a close watch as the index retests the neckline at 44,500. The zone between 44,500 and 44,700 now presents a potential opportunity for the bears as this area could act as a resistance turned support. A sustained move within this range might signal further downward movement.
The bearish pattern will be negated if the index manages to climb back above the 45,250 level.
