"AVIATOR PATTERN" FORMATION IN BANK NIFTY CHART ANALYSIS
Analysis for 4th March'24
Strong bullish recovery last week from 46200 to 47200 confirms the "aviator pattern" or "W" formation also looks like instutional are actively bullish.
Also BN has broke strong 2 month daily resistance & lastly closed just above that resistance which gives a indication of bullish dominance. Thus this resistance becomes "strong point of confluence" ( check on chart) can also act as strong support or resistance in future.
Still wait for opening print for 15-30 mins to decide the direction flow of bank nifty, gap up opening may give bulls to move fast or if gap down below 47200 may lead to bearish trend or sideways as BN trading on make or break area.
Resistance : 47700, 48000
Support : 46700, 46200
Strong bullish recovery last week from 46200 to 47200 confirms the "aviator pattern" or "W" formation also looks like instutional are actively bullish.
Also BN has broke strong 2 month daily resistance & lastly closed just above that resistance which gives a indication of bullish dominance. Thus this resistance becomes "strong point of confluence" ( check on chart) can also act as strong support or resistance in future.
Still wait for opening print for 15-30 mins to decide the direction flow of bank nifty, gap up opening may give bulls to move fast or if gap down below 47200 may lead to bearish trend or sideways as BN trading on make or break area.
Resistance : 47700, 48000
Support : 46700, 46200
