(Daily chart : To enlarge click on chart)
IMPORTANT POINTS FOR TRADING
- Banknifty is in 'Sell on Rise' mode.
- In above daily chart one can see the negative diversion in MACD which indicated well to be cautious at higher levels Where as Stochastic will confirm down move (bigger correction) once it breaks the black arrow.
- Now on downside only one support left to be broken and i.e. weekly JBNSAR level @12545 and also one gap created on 31st Dec 2012 and 1st Jan 2013 i.e. 12512 to 12547. Hence, further weakness will be below 12500 only in panic.
- On upside banknifty has resistance around 12725 TO 12765 and above that 12835.
- On right side of blog, Daily and weekly Agni/JBNSAR levels are mentioned they act as important support/ resistance levels..
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