IMPORTANT POINTS FOR TRADING
- Banknifty broke out from flag channel with MACD positve crossing. One can see in above chart the correlation between MACD crossing and flag formation and breakouts. Blue circle on MACD and Flag pattern shows the starting of formation of flag and whereas red circle shows the consolidation within the flag channel.
- In above chart one can see 3 complete flag patterns and 4th pattern is forming with MACD positive crossing.
- On downside banknifty is having a good support around 11765-11810 zone.
- On upside immediate resistance will be around 12300-12350.
- Banknifty has made a small inverse head and shoulder pattern and of which target is 12500.
- On right side of blog, Daily and weekly Agni/JBNSAR levels are mentioned they act as important support/ resistance levels.. Banknifty will have a strength to move upward by Staying above all levels of daily and weekly.
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