(Daily Chart)
- Banknifty has protected 200 week EMA @ 9080 by closing a week above it.
- So far It has respected support lines of a triangle and downward channel.
- On 16th May banknifty had made a hammer candlestick (http://justbanknifty.blogspot.in/2012/05/banknifty-view-for-17th-march-2012.html#more ) which requires a follow up confirmation for trend reversal and such confirmation could come from a gap up or long white candlestick.. So on 17th May it had opened gap up and on 18th May it had made a long white candlestick...So there is a possibility that banknifty might give rally for short term.
- Today downside supports are 9130-70 zone... below that 200 week EMA 9080 break of it in panic will slide upto 8950-60 zone.
- Upsides resistance are 9350-65 zone and above that will climb upto 9530.
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