(Banknifty:Weekly Chart)
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This week Banknifty was highly volatile and closed in red @11816.55 as it found difficulty in sustaining above 'WEEKLY JBNSAR' 12035 and made low of 11555.
Banknifty trading in 'Rising Channel' and till date it has respected its support and resistance line. For next week channel support comes around 11350 and breaking of which will take to 11185.
Now in coming week immediate resistance will be 11910-11950 zone and Above this it can rally upto 12115----12240 whereas support around 11585 and than 11400-11350 zone.
In coming week banknifty will be driven by news specially RBI monetary policy for rate cut.
Note :
- On 19th Mar 2013 , RBI will review its monetary policy for rate cut and hence market will continue to be highly volatile.
- Yet Stochastic and MACD has not given a positive signal.
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