Short $BANKNIFTY CMP ₹37105.65. $BANKNIFTY resistance around ₹37500 area. It appears to be forming head and shoulder pattern. Right now formed top of left shoulder. Further downside could take the price to ₹35500 area to complete the pattern which is at 200 SMA. Head and shoulder short target ₹32400
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Trade still active. Target 1 done already. It bounced off the drawn support level. Head and shoulder pattern target still in play.