Banknifty is downtrending in week timeframe with MACD crossed down. It is falling in very steep channel from its all time high@13414 and closed near 38.2% retracement level @9850-9870 zone. All most 10 weeks from the high and still no sign of recovery.
Banknifty is highly oversold in week timeframe hence, one should be cautious in initiating fresh short. In coming week , upside resistance @10450-10550 zone and strong resistance of 100WMA@10750 whereas on downside below 9850 will slip upto 9640.
Banknifty is highly oversold in week timeframe hence, one should be cautious in initiating fresh short. In coming week , upside resistance @10450-10550 zone and strong resistance of 100WMA@10750 whereas on downside below 9850 will slip upto 9640.
For coming Week our weekly Agni and JBNSAR levels are 10160 and 10790 respectively.
Our Weekly JBNSAR system given Sell signal below @11525 on 16th july 2013 (open gap down @ 11459). Part booking was advised near 11000 and balance shall be held till it reversed by weekly JBNSAR.
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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