(BANKNIFTY DAILY CHART)
Banknifty is downtrending in day and week timeframe. From last 3-4 trading days , It has made a low near 100 day moving average i.e. 12200 and manages to close above 12200. Banknifty is highly oversold.
Today one has to watch two important support i.e. 12115 and 11900. There will be panic only below this.
Whereas on upside 12300--- 12385---12490 levels will act as resistance.
Our weekly JBNSAR given sell signal @12820 on 30th May 2013. Part booking is advisable near support zone of 11900-12200. and balance should be hold with trailing stop loss.
On right side of blog, Daily and weekly Agni/JBNSAR levels are mentioned they act as important support / resistance levels.. Positional traders should trade with weekly JBNSAR.
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