Bank Nifty: The Breakdown

Notes on the chart.

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BN broke 55 EMA, gave a clear signal and confirmation before reaching the first support zone. Today it pierced into the support and bounced near 100 EMA.

There is a possibility that it retests the confirmation level or the 55 EMA, making ABC type structure, before resuming the downtrend.

OR the other possibility could be that BN breaks today's low and..

The downtrend resumes without any consolidation. In that case, the 200 EMA which falls quite near the 22300 level (0.382 level if I am not forgetting) will be a good spot to cover shorts.

Two strong downwaves from the highs are reflecting clear pressure on the downside.

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Notice how the index made a double top near the 55 DEMA @ 24235 we discussed yesterday and reversed.

Now 24100-24140 will be a supply zone in the near future.

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Here is the double top I was discussing yesterday. It would be interesting to see BN behaviour at the the confluence Zone shown in the snapshot.

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Still in the range..

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BN still in range