Banknifty Formed Double Bottom,which is Reversal Chart Pattern

❗Banknifty Daily Chart Analysis❗

● Bollinger Band Showing ungali Hook ( sign of Reversal)
● RSI PCO
● Stochastic is over Sold and on the way to PCO
● ADX is slightly Trending but lack of power
● 200 Ema (48306.90) positive and will act as Support
● PARAMOUNT (49659.05) will act as immediate Support (Recent swing)
● Resistance 50 Ema (50775.48)
● Resistance 20 Sma (50922.68)
● Resistance Recent high (50830.70) Made on Monday,12 Aug 24
● Resistance of Long angle Downward Trendline at (51133.00) which is just above 20 Sma
● India Vix is Colling Down and at 14.40

● Key point Observations
Banknifty is in Down Trend🔻 (short term)

Formation of W Pattern Double Bottom, which is a Reversal Chart Pattern
Expected Renge Breakout
● TGT points 1100 ++

● if the Start trade is above PDH then we can expect a Powerful reversal and if sustained above Monday's high (50830.70), it will become Super Bullish.
● If Banknifty Holds a Recent Low then the strategy will be to Buy on the Dip


● if fails to hold PDL and Starts Trading Bellow PARAMOUNT Low (49659.05) which is acting as immediate Strong Support (Recent swing Low)
Will Become Resistance and the Short Term Trend will continue and the next TGT will be 200 Ema and Election Resut Day Candles low.
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