Monday 18 December 2017

Falling Wedge Pattern Breakout, Can Bank Nifty Sustain?

Posted by suhani varma on Monday, December 18, 2017 with No comments



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On doing a Bank Nifty constituent analysis, HDFC bank, IndusInd Bank and Kotak Bank all are showing signs of breakout.Bank Nifty has shot up sharply in the morning trades after going through initial knee jerk reaction on account of the elections outcome.
The index has broken out from afalling wedge pattern on the daily chart.

This indicates that the index is all set to rally towards its previous peak of 25,953 hit on November 28, 2017.

On doing a Bank Nifty constituent analysis HDFC bank the index heavy weight has broken out from a channel pattern, while IndusInd Bank and Kotak Bank both are showing signs of a Symmetrical Triangle pattern breakout. Even HDFC Ltd has broken out from a falling wedge pattern.

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