(Banknifty Daily Chart)
In above Daily chart of banknifty, it has just broken the rising wedge pattern which is the bearish pattern. One can also see Head and Shoulder pattern and breaking of both pattern suggest deeper correction in banknifty towards 10000 level.
200DMA is around 11150...
(Banknifty Weekly Chart)
Today one has to watch whether week closes within the Rising Wedge or not.. It is trading below 50 Week Moving Average 11350.. It has last major support of 100 Week Moving Average around 11050--11080. Below which banknifty will be weak.
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