Bank-Nifty Breakdown or fakedown?

2023年10月24日

BankNIFTY has given the breakout clearly as can be seen on the charts.
Now the qiestion is will it go more down of it might bounce back to bullishness.
as it seems if in morning session it shows a sign of bearishness it might go further down.

Reasons:

1. BankNIFTY has break to downside 1-D TF(time frame). (Bearish)
   
2. Sharp falling of last week. (Bearish)
   
3. 200 EMA might provide a good support. but is it couls not hold it will be a sharp falling again as it's also breakdown of double top. (Bearish)
   
4. RSI is very low shows weak trend strength. (Bearish)
   
5. Price < VWAP (Bearish)
   
6. PCR = 0.47 (Huge Bearish)
   

Verdict:
Bearish, all sign shows the bearishness.

Plan of action:
wait for BankNifty to show bearish trend and make position accordingly.