22-09-2023 04:52 PM | Source: LKP Securities
Quote on Bank Nifty : The BankNifty index witnessed a significant double top breakdown pattern, which often signals a reversal in trend Says Kunal Shah, LKP Securities
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Below View on Bank Nifty 22 September 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
"The BankNifty index witnessed a significant double top breakdown pattern, which often signals a reversal in trend. This bearish pattern was largely influenced by selling pressure in HDFC Bank.The index breached its 20-day moving average (20DMA) located at 45,000. A break above this level could trigger some short-covering, but the overall sentiment remains bearish.The prevailing sentiment in the BankNifty index remains bearish. As a result, it's advisable to maintain a "sell on rise" approach. The next immediate support is seen in the 44,500-44,400 range."
Above views are of the author and not of the website kindly read disclaimer
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