BANKNIFTY Weekly nearing crucial support levels.
BN at Monthly Ichimoku cloud.
BN at 50% Fibo level.
- Weekly MACD yet to generate a buy signal. Monthly MACD ready to generate a bearish crossover signal. Weekly and Monthly closing levels are crucial.
- BANKNIFTY may bounce for 1-2 weeks if the support levels are held. For levels check the inline comments on the 3 charts.
- Next resistance at 50Wk SMA.
- Eventually, in the next 1-6 months, I expect BN to breakdown below its major trendline. It may happen this month too (after 1-2 weks) if Nifty is to break towards 5600.
- Currently, chances of a pullback rally in BN.
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