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Let's see the Chart ... Banknifty !!
As you might be able to see, Banknifty was never weak in last few days, It was just fooling the retail traders and Compulsive short Sellers. The Index is trading comfortably above the Rising Trendline Resistance of Last 1 year and after Breakout from the resistance, the index Returned to retest the breakout line.
In the process of breakout retesting, Banknifty actually formed a Bullish Flag and pole Structure. The Flag Cloth is a Good spread cloth with almost 17-18 bars in the cloth. The Pole is also a Big Pole with base at 29660 levels and the top at 37700 levels approximately. The Length of the pole is thus calculated as 8000 points and the breakout target will be 8000 points higher from the breakout levels. For me the breakout from this formation will be seen in a sustained closing above 36200 levels and if 36500 is crossed, we may see some fierce Short Covering Rally taking Banknifty to the Recent Highs in a Matter of time. The Index may consolidate for a few days between the Highs and 36500 area before moving further towards the targets. As per My Calculations the targets come around 44200, but I am slightly conservative when it comes to predicting targets (Please don't laugh) I will manage and will settle around 42000 initially, which was the target given long ago.
(I have mentioned 42,222 as my target in my previous Index Update also .. In Case you have missed, here is the Link for the Same >>>>>>>> https://optionsmagician.blogspot.com/2021/01/reading-this-post-may-change-your-way.html )
Once We cross Our First Target of 42000 or 42222, We will be Looking forward to complete the flag Target of 44200. After the Target of 44200 is Achieved... Banknifty Traders may Use My Chart and Say ... Ye Hum hai !! Ye Banknifty ka Chart hai !! Aur Ye Hamari Pawari ho rahi hai !!
So Let's Help Banknifty Start Moving to it's Way to the Party, Just Give a Close above 36500 and that will be enough. Bears will Help push it towards recent high in short covering.
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Disclaimer :
The Analyst, Atul Shinde is a Technical Analyst, Global Markets Expert and Certified Investment Adviser having Experience of 13+ years in International and Indian Stock Markets with a Client base all over the World.
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