BANKNIFTY : MARCH MONTH AND WEEK END ANALYSIS...

March Month ended in red and week closed in green @11361.85

Let review the month and weekly chart of banknifty...

(BANKNIFTY: MONTHLY CHART)

Though March month ended in red but managed to close within 'Long Term Support Line' which at one point of time broken. It took the support near 21 month EMA around 11030.

(BANKNIFTY: WEEKLY CHART)

At the week end (Expiry), short covering helped the banknifty to  sustain above 100WEMA. Banknifty has broken the 'Weekly Rising Channel' and took the support near 100 week EMA around 11040 which was the last hope for bull.

NOTE:

• Banknifty broken ' Weekly Rising Channel ' suggest bearish torn and Month managed to close within 'Long Term Support Line' which temporarily puts pause to this downfall.
• In our last post we suggested that this downfall might get a pause near multi-support zone around 11000-11170 and possibility of market might get into range bound.. and it did paused around 11000.
• Now next week we expect range bound market... it is still tough for bull to run.. 
• For Coming Week Support exist around 11000-11050..... and resistance around 11650.