IMPORTANT POINTS FOR TRADING
- Banknifty is in 'Sell on Rise' mode.
- This week also expecting banknifty to remain under pressure (Till RBI policy review on 29th JAN 2013).
- Banknifty is trading within a Rising Wedge Pattern.. and its support line comes around 12470-12480 and it has created a gap on 31st Dec 2012 and 1st Jan 2013 i.e. 12512 to 12547.
- Hence today 12470-12510 may act as support and may give small rally towards 12650.
- 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.
- On right side of blog, Daily and weekly Agni/JBNSAR levels are mentioned they act as important support/ resistance levels..
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