Hello All,
The recommendations are purely for educational purpose only, consult you financial advisor before trading.
Targets are mentioned in charts (either red lines or balck lines), keep Stop Loss as per your risk..
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Have a profitable year ahead
Gautam Khanna
Technical Analyst by Passion :-)
After Multiyear Under performance finally Private Bank Sector ready to move . This sector now Trading near 10 years support and high probability this support may hold and trading near very low risk zone .
10k is a matter of time.
With the inflation finally raising its head, thanks to the US, monetary steroid stimulus has run out of its power.
The downward curve is inevitable
As per the analysis
1. Pvt bank trading near the upper end of the channel ,
2. It will propel the banknifty to move dwn for some correction ,
3. Anamoloy applied from past , similar sideways is expcted , if we want market to move further up
like if you agree
1. Confluence of 200 EMA
2. Channel Support at 200 EMA
3. Strong support at the levels shown and bound to consolidate in the channel , If break down occurs will see lower levels .
4. However , All private sector bank moving toward in improvement zone in RRG .
Triangle Pattern
Expecting breakout and retest on the marked level
Top 5 constituents by weightage
HDFC Bank Ltd. 26.28
ICICI Bank Ltd. 22.59
Kotak Mahindra Bank Ltd. 12.94
Axis Bank Ltd. 12.93
IndusInd Bank Ltd. 10.86
Individual pattern also forming in
Bandhan Bank Ltd. 3.96
**Educational view
Patterns are the basis of finding comfort beyond comfort zones created by news flow.
Same patterns that made me speak quietly in first week of January 2020 that the Nifty Private Bank Index has the strongest and most clear patterns ready for a 35% plus slide are now ready again and on a larger time frame and with greater clarity for a 50% downmove broadly...
Nifty pvt bank index have formation of bearish harmonic ABCD formation,, and given reversal from the same levels,, bearish wolf wave formation have given breakdown from trend line support,, nearest last support around 12300 levels of 200ema, breaking this would lead to fall of 1000 to 1200 points fall in this index.
