BANKNIFTY--Head & Shoulders ??

BANKNIFTY index is at important zone of resistance.
price filled the bearish Gap at 48100 levels..
on bottom side price by consolidating above the major trendline, price tested the zone of resistance at 48100.

this is the time to look for bearishness or Bullish continuation.
Price is at Major zone of resistance.. This is one more crucial phase to continue or reversal.

Head ::
Consider the price movement above 47400 as Header section.
Left shoulder ::
Left shoulder is already confirmed at 47400-47200 levels.
Right Shoulder::
wait for the price to form a right shoulder... near the 47200 levels...
Neckline::
Neckline is already located at 45600 levels.
wait for the price to break the neckline or reversal from from neckline and gives us retracement to enter short side by keeping the SL at above the Left shoulder(NOW), also a right shoulder later, just wait for confirmation.
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Until price breaks the left shoulder keep in long side.
If left shoulder will push the price up or Not. so wait for the price reaction at that levels.

Comment:

we are waiting for distribution...keep safe it comes from any where.
Key levels are 46900. on bottom side..
key level of resistance @48450 on top side.

Comment:

Elimination moves...no sign of bearishness...

Comment:

Banknifty Again at trendline..Today we tried to sell at trendline and strong breakout
level failed to break and results in stoploss. will see in the later sessions what happens in this index.