Bank Nifty Analysis: Head and Shoulders Pattern in the Making?

BANKNIFTY closed relatively flat today amidst some market volatility. However, the pattern forming on the chart does not look good. We are potentially witnessing the development of a Head and Shoulders pattern, which, if completed, could signal a downward move. If this pattern plays out, we may see the index decline towards the 49,640 level.

On the other hand, if Bank Nifty fails to form the pattern and continues its upward trajectory, we can see a significant resistance around the 51,900 level.

Important Levels:
Support - 49640
Resistance - 51900

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Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Please conduct your own research or consult a financial advisor before making any trading decisions.