BANKNIFTY: WHAT WEEK AND MONTH CHART SAYS???

We are reposting our monthly and weekly analysis post written on last sunday..

(BANKNIFTY:WEEKLY CHART)

Banknifty has broken the support line of 'Weekly Rising Channel' and closed below it @11204.05 but It has managed to close above '50Week Moving Average' around 11100 which is the one hope for bull to return.

(BANKNIFTY: MONTHLY CHART)

In monthly chart, one can see that banknifty is trading near '14Month Moving Average' around 11170. Secondly though bull failed to close week within the channel but if manage to close month within the 'Long Term rising support line' i.e. around 11255-11300 zone than this downfall gets a pause.

Note: 

• Closing of Week below 'Rising Channel Support Line' suggest bearish torn and if Month also closes below its 'Long Term Rising Support Line' than  bearishness will gets confirmed and overall trend will turn to downward.
• This downfall might get a pause near multi-support zone around 11000-11170 and possibility of market might get range bound by next week by trading in a range of 11100-11450-11700.