An Outside Day pattern was formed on weekly charts which could be signaling a reversal or deceleration of the current trend.
An outside day is when the day's candle completely encompasses the previous day's candle with a higher high and a lower low compared to the previous day.
A trade below the low of this pattern will confirm more correction.
Daily charts show minor divergence in RSI and Macd.The latest channel shown in blue has been broken down. Depicted more clearly in the Hourly Chart below.
This supports a bearish view for the very short term.Breaking 14238 low will see some more bearishness.Else the red contracting triangle may be followed.
Bank Nifty Weekly Chart
Bank Nifty followed up last week's weekly candle by a bearish one this week. It is also an Outside day pattern with higher high and lower low candle.
This indicates bearishness.
Bank Nifty Daily Chart
Caution on longs is necessary.
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