Gaurav Bissa
BankNifty has seen strong correction from 32,000-odd levels towards 16,000-17,000 levels in the last few months. The sector has been constantly under pressure and was the prominent reason for Nifty50 failing to scale higher levels.
After a strong jump in the last few days, it has raised hopes of bulls.
The index has also formed a bullish dragon harmonic pattern which is a reversal pattern in nature. In addition, it can also be called a pattern which has a tendency to culminate in a completed harmonic bat pattern. Thus the targets for dragon patterns are significantly higher with the possibility of attempting previous high levels.
(The author is AVP-Technicals and Derivatives at LKP Securities)
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