Bank Nifty Update for 25th October 2021

BANKNIFTY

Bank Nifty Update for 25th October 2021
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BANKNIFTY Index is trading at all time high levels as it has recently given a breakout of flag and pole pattern which is a bullish price action pattern.

Here's the trade setup for today:

INDEX has formed a Harmonic ABCD pattern:
For buying:
The pattern will be activated above 40,600 and a bullish momentum will be seen if the price sustains above it.

Possible targets on the upsides are 40,800/41.000/41,100

For Short:
Short will only be activated below 40,000 levels, but keep this in mind that room in downside is limited till 39,900

Instead you can also consider a long position if the price comes to the support levels of 39,900-39,800

Trade setup
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Key support is: 39,900
Key Resistance is: 40,500

Trade Accordingly!