Bank nifty trying to form Head & shoulder pattern on daily frame

On daily frame, we can see that BNF is trying to from H&S pattern. Data will be totally bearish & H&S pattern will be formed completely if Bank Nifty broke 50400 level. So, avoid new buying in banking sector.

Only if BNF closes below 50400 on daily frame then BNF can hit targets upto 46500.