BANKNIFTY VIEW FOR 20TH NOV 2012

(click to enlarge)

IMPORTANT POINTS FOR TRADING

• On downside banknifty is having support around 11240-11250 and below which there will be more weakness.
• On upside it has resistance zone of 11420-11450.
• Banknifty if today makes third candle of morning star candlestick pattern than it could be a bottom reversal signal. What is morning star candlestick pattern ? Go to following link for detail discussion  : http://justbanknifty.blogspot.in/2012/05/banknifty-view-for-28th-may-2012.html#more

In above chart one can see that RSI indicator is hovering around middle line only...

CONJBNSAR triggered a sell signal on 16th Nov 2012 and for today CONJBNSAR is 11470 if triggers today than exit from 2nd lot of banknifty.

On right side of blog, Daily and weekly Agni/JBNSAR levels are mentioned they act as important support/ resistance levels..