BankNifty Forms Cup and Handle Pattern: A Bullish Continuation Signal?
BANKNIFTY
BankNifty opened flat on the last day and then fell sharply, approaching the gap to be filled. However, it sustained support at 42417 and bounced back, with bulls pushing the index back to the continuing uptrend.
Currently, BankNifty is forming a cup and handle pattern, which is a bullish continuation signal. This pattern suggests that the uptrend is likely to continue after a brief consolidation period. The trendline I have plotted crossing the major support levels adds to the bullish outlook.
Global market sentiments are also positive, which further supports the bullish case for BankNifty. I have plotted new support and resistance levels, and I will be monitoring the index closely to see how it performs in the coming days.
Technical analysis is not foolproof, especially in derivative markets, but the cup and handle pattern is a strong bullish signal. I will be keeping a close eye on BankNifty tomorrow, as I believe it has the potential to continue its uptrend.
NB: Please trade at your own risk.
If you like my analysis, please do support and follow me to receive the updates.
BANKNIFTY
BankNifty opened flat on the last day and then fell sharply, approaching the gap to be filled. However, it sustained support at 42417 and bounced back, with bulls pushing the index back to the continuing uptrend.
Currently, BankNifty is forming a cup and handle pattern, which is a bullish continuation signal. This pattern suggests that the uptrend is likely to continue after a brief consolidation period. The trendline I have plotted crossing the major support levels adds to the bullish outlook.
Global market sentiments are also positive, which further supports the bullish case for BankNifty. I have plotted new support and resistance levels, and I will be monitoring the index closely to see how it performs in the coming days.
Technical analysis is not foolproof, especially in derivative markets, but the cup and handle pattern is a strong bullish signal. I will be keeping a close eye on BankNifty tomorrow, as I believe it has the potential to continue its uptrend.
NB: Please trade at your own risk.
If you like my analysis, please do support and follow me to receive the updates.