(weekly Chart)
(click on chart to enlarge)
In above weekly chart one can see the channel and rising wedge pattern. Still Banknifty is trading within the wedge and getting resisted near the top of channel and rising wedge pattern.
The week is ended in red and on downside now important support is 12525-12550 zone whereas the Weekly MACD still in bullish tone and stochastic too overbought and in bullish territory.
Cautious Approach should be followed in coming days as market is going to be driven by news such as December inflation data on Monday, central bank's policy review on 29th January and also the earning results annoucements...etc.. RBI Policy will be the key for further direction of market till than expecting it should trade in 'Rising Wedge Pattern' only.
The week is ended in red and on downside now important support is 12525-12550 zone whereas the Weekly MACD still in bullish tone and stochastic too overbought and in bullish territory.
Cautious Approach should be followed in coming days as market is going to be driven by news such as December inflation data on Monday, central bank's policy review on 29th January and also the earning results annoucements...etc.. RBI Policy will be the key for further direction of market till than expecting it should trade in 'Rising Wedge Pattern' only.
For next week channel top and wedge top resistance comes around 12800 and 12920 respectively whereas on downside wedge support comes around 12280 and 78.6% retracement level of 13303 to 7766 comes around 12115.
When Rising Wedge pattern is found in an uptrend, it is considered a reversal pattern, as the contraction of the range indicates that the uptrend is losing strength.
To read more on 'Rising Wedge Pattern' click the given link :
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