(weekly chart)
(click on chart to enlarge)
Banknifty in 'Rising Wedge Pattern' (shown in pink colour) made a high of 12960.65 and after breaking down the pattern made a low of 12024 till date.
Weekly MACD & Stochastic both are crossed down.
Now next week 12015 and 12115 is important support zone and below which it will be weak and may slide upto 11900 and in panic upto 11750.
In above chart , One can see Rising channel (shown in Green colour) and its support line comes around 11200 which will act as major support.
Banknifty above 12115 may give pull back rally but it will have strength only above 12350.
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