BANK NIFTY
Todays low in bank nifty took support at blue tend line. Bank nifty is forming a Pennants structure marked in RED on daily chart. Break on either side will give it a quick 400 point rally.
Support for bank nifty:
- Trend line support zone : 11580-11500
- 78.6% retracement of last rise from 11400-12240 : 11580
- Year old blue trend line.
Break of 12625 will give breakdown from the pattern, considering the big event tomorrow i without like to give a bit more space for price movement in order to avoid getting trapped. Conservative shorts can be opened below 11500. On the upside 11870-11920 will be first resistance zone above which pennant breakout will happen. Conservative longs can be opened above 11920.
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