(BANKNIFTY DAILY CHART)
Banknifty is trading in 2nd flag pattern of which pole is made and might start consolidation which is also known as resting period.
The Flag pattern usually occurs after a significant up or down market move. After a strong move, prices usually need to rest. This resting period usually occurs in the shape of a rectangle, thus the word "flag". The Flag is considered a continuation pattern because after resting, prices will usually continue in the direction they did before.
As expected yesterday profit booking started near our daily agni level of 13385.
Intraday weakness persist as long as it stays below 13205 below which it has strong support around 12940. Whereas above 13205 it has resistance around 13300 and than 13415.
Intraday weakness persist as long as it stays below 13205 below which it has strong support around 12940. Whereas above 13205 it has resistance around 13300 and than 13415.
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