Banknifty Weekly update: Sustaining above 12850... will move to 13000+ level..

(Banknifty Weekly chart)

Banknifty after a breakout from a triangle pattern (Shown with blue line) and Positive crossover by MACD  given a rally upto 12788 (till now).

In earlier post we indicated about 'Bearish Gartley Pattern' with target of 12800-13200. Though triangle pattern breakout gives much higher target if sustains above 13400.

On downside banknifty is having support near 12500 and below which it will slip to 12200 and on upside resistance near 12850 and above which it may rally towards 13000+ level.

NOTE:

 1. RBI policy to be announced on 1st April 2014 i.e. on fool's day. expect market to be highly volatile. 

2.  For stock ideas visit : http://justbankniftystock.blogspot.in/