Trade –

Breakout (Entry) : 38730
TGT 1 : 40180
TGT 2 : 41280

Bank Nifty had been in a consolidation for over 17 days falling in line with the Nifty which too has been consolidating, but now this period of consolidation seems to be likely over with a triangle breakout clearly visible in the chart. The price might be trading lower than the breakout level but it is possibly flagging which might result in a fierce uptrend once the smaller pattern of the flag breaks out while the larger pattern of triangle breakout still stays intact as the price is moving along/above the trendline which joins the tops if treated separately. The purpose of the move lower than the breakout level could be to remove weak hands before the leg up.

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