banknifty bearish fiis selling but short term pull back

6. Aug. 2023

you can see broadening trinagle at the top, followed by three black crows that just took support on pervious highs of bank nifty , so my view is trend is bearish , better to stay in cash, markets rallied good , may be a correction will come before deepavali,

after deepavali elections would be near usually fii sell before election year ,

and if you think simply fii are sellers means that itself is a bearish sign

short term bank nifty has bullish signs in 15 min chart has an inverse head and shoulder ,

currently it is a pull back ,thats all so this might be a trap better stay in cash , in daily chart you can see if pull back comes it will form a head and shoulder , and if lower support breaks there will be huge fall ,

with common sense how much markets will go up from here and fiis are net sellers is it worth taking risk and get stuck or stay in cash

https://www.tradingview.com/x/JWWRKKL0/

[url= tradingview.com/x/D7MEtpbu/]

https://www.tradingview.com/x/Xvdjw02X/

disclaimer- this is not any investment call or idea , this just my view and it can go wrong ,this is only for educational purposes trade at your own risk :)

6. Aug. 2023

Anmerkung

and forgot to mention broadening triangle end cadle was dark cloud cover or can be considered as bearish engulfing usually dark cloud cover is taken above but it is clear sign that top is made