(Banknifty Weekly Chart)
Banknifty is downtrending in week timeframe with MACD crossed down. From last 4 week banknifty is resisted by 50 Week Moving Average. Now in coming week one has to observe the support of 100 WMA @10730-10750. Below this level one can expect a fall upto 50% retracement level around 10500-10530 zone.
For coming Week our weekly Agni and JBNSAR levels are 11160 and 11440 respectively which suggest that banknifty holding 11160--11200 will try to move towards 11440 Whereas staying below Weekly Agni/JBNSAR it will be weak and may slip upto 10730-----10500.
Our Weekly JBNSAR system given Sell signal below @11525 on 16th july 2013 (open gap down @ 11459). Part booking is advised near 11000 and balance shall be held till it reversed.
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.
Any update on the open stock pairs Sir?
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