IMPORTANT POINTS FOR TRADING
- In daily chart Banknifty has made one big 'Inverted Cup and Handle Pattern' (shown in pink dotted lines) which is a 'bearish pattern'.It is interesting to watch whether it breaks the joining lines of rim or not by closing below it.
- Banknifty is near very important support zone which comes around 11350-11400.This support zone is important because its weekly rising channel support and expecting minor bounce back from here otherwise it will create another round of sharp panic in market.
- Banknifty staying below Weekly JBNSAR 11910 our first target was 11585 and after that more panic upto 11400 level which was achieved yesterday.
- Now immediate resistance for banknifty is 11585-11640 zone. and support around 11350-11400.
- On right side of blog, Daily and weekly Agni/JBNSAR levels are mentioned they act as important support/ resistance levels..
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