Canara Bank Hourly 23-02-15

Hi,

If you look at the hourly chart of Canara Bank, there is a consolidation pattern forming and based on today’s session Bank Nifty and Nifty look to be in the sell mode. Bank Nifty may have also started the wave C decline.

canbk

The trendline has not been confirmed , so it will be interesting to see if the trendline will hold. If so there could be another leg remaining after which we should look for a b-d trendline breach and sell at the low of the b leg which stands at 398.