Banknifty is downtrending in week timeframe whereas there is a pause on downtrend in daytimeframe. It is highly oversold and expect a relief rally.
Today above 11165 it can move towards 11340--- 11440 which will be strong resistance zone for the day. Whereas on downside below 11165 it can slide upto 11100----11000---10700.
Our weekly JBNSAR given sell signal @12820 on 30th May 2013. Part booking was advised near support zone of 11900-12200. and balance is held 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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