#Banknifty on weekly chart formed a follow -up weak candle, hence technically it is still weak, but the range of the candle was quite small, indicating momentum on the downside was missing, so for the coming week, if the low of this week i.e 22080 was taken out on the downside, banknifty might be heading fast towards 21700 and 21400.
On the Daily chart, bank nifty formed another Doji, now it has two back to back Doji, suggesting both bulls and bears trying to take the index in their direction, but both failed to do so and the Doji pattern also indicates a sideways trend, which can be clearly seen on intraday charts, where a sideways range has emerged, the range 22225- 22650/ 22750, hence the range breakout will decide the further trend in the index.
Wait for the range breakout, whichever side the breakout comes, expect the trending movement in that direction, and keep the important levels in consideration, before taking any trades.
Any important price action development if seen will update here.
On the Daily chart, bank nifty formed another Doji, now it has two back to back Doji, suggesting both bulls and bears trying to take the index in their direction, but both failed to do so and the Doji pattern also indicates a sideways trend, which can be clearly seen on intraday charts, where a sideways range has emerged, the range 22225- 22650/ 22750, hence the range breakout will decide the further trend in the index.
Wait for the range breakout, whichever side the breakout comes, expect the trending movement in that direction, and keep the important levels in consideration, before taking any trades.
Any important price action development if seen will update here.