Breakdown or Breakout? 27000 or 17000?
Bank Nifty is forming a ascending triangle on daily charts, if closed above 21500 targets would be 27000 in 22 trading days.
But the drawback is Nifty is exhausted and has made new highs with very less volumes and also forming a raising wedge pattern.
If nifty breaks 9500 on the downside on closing basis we can see 7500 levels again.
I will be bullish if Banknifty closes above 21500 on Thursday 30.04.2020.
I will be bearish if Banknifty closes below 20500 on Thursday 30.04.2020.
This information is for positional traders.
But the drawback is Nifty is exhausted and has made new highs with very less volumes and also forming a raising wedge pattern.
If nifty breaks 9500 on the downside on closing basis we can see 7500 levels again.
I will be bullish if Banknifty closes above 21500 on Thursday 30.04.2020.
I will be bearish if Banknifty closes below 20500 on Thursday 30.04.2020.
This information is for positional traders.
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