Banknifty Weekly Analysis

(WEEKLY CHART)

This week banknifty after crossing the hurldle of Weekly Agni level of 11610 made a high of 12219 and managed to close in green @12197.25. 

It has broken down the 'Rising wedge pattern' and made a low of  11401 and took the support near the 'Rising channel' and bounced back.

For next week channel support is near 11300 and 78.6% retracement of fall from 13303 to 7766 is around 12115.

Next Week banknifty sustaining above 12000 will move towards 12450 and than 12700 else will fall upto 11700.

Note that stochastic and MACD yet to give positive signal in week timeframe and if so done in one or two week than we expect one more bull rally towards 13000 in short term.

For long term view one can refer following link which is valid till the rising channel support in not broken. :
http://justbanknifty.blogspot.in/2012/12/banknifty-monthly-and-weekly-analysis.html