IMPORTANT POINTS FOR TRADING
- Yesterday banknifty made a doji candlestick pattern which indicates indecision between bulls and bears. Doji's are often found during periods of resting after a significant move higher or lower; the market, after resting, then continues on its way.
- Now immediate resistance will be 11530-11550 zone.
- On downside it has a support around 11240-11265 zone.
- Banknifty is highly overbought in daily chart. It is consolidating and is in 'sell on rise' mode.
- Now CONJBNSAR is 11500 for 10th oct 2012.
- In daily chart Banknifty has made inverse head and shoulder pattern and also broken the neck line which gives target of 12500 in medium term.
NOTE: Banking stock recommendations based on Pair Trading strategy started under tab 'Banking stocks'... Plz observe it for sometime..
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