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Banknifty (Probabilty vs Possibility)

Nifty Bank Index (NSE:BANKNIFTY)  
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NSE:BANKNIFTY   Nifty Bank Index
Support and Resistance Chart Patterns Head and Shoulders BANKNIFTY bankniftytrading bankniftytradesetup Ascending Channel Ascending Broadening Wedge
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supportandresistance chartpattern headandshoulders banknifty bankniftytrading bankniftytradesetup ascendingchannel ascendingbroadeningwedge
After the formation of strong bearish engulfing pattern in daily chart, the market is taking a pause.

Case 1 -

We can see a inverse head and shoulder pattern formation and an ascending channel formation (in 5 min chart) at its right shoulder. If BNF crosses 29800 and sustains, it could retest 30000 level

Case 2 -

If a breakdown of the ascending channel formation (in 5 min chart) happens, we can expect BNF to come down up to 28950 level as that is the immediate support.


P.S. Please see 5 min chart, since trading view is not allowing me to post in 5 min time frame.

Cheers.
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