IMPORTANT POINTS FOR TRADING
- One can see Flag pattern inside Rising Wedge Pattern.Banknifty is trading near the top of the wedge and its resistance comes around 12630.
- Bull and Bear fight continues from last 4 days. Both were unable to close banknifty substantially up or down.
- MACD yet not given any sell signal.
- Banknifty is highly overbought in all time frames and there is a need of price correction.
- On upside immediate resistance will be around 12570-12630 (Till now it has acted as Laxman Rekha).
- On downside immediate support comes around 12340-12400 and below that 12250.
- On right side of blog, Daily and weekly Agni/JBNSAR levels are mentioned they act as important support/ resistance levels..
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