Banknifty Daily Update: Multiple resistance zone 11150 to 11250 and support zone 10950 to 11050......
Above is banknifty daily chart with Bollinger Band indicator which shows resistance around 11185 and above that resistance near 11250 Above chart shows banknifty has made Head and Shoulder Pattern and neckline of which also broken down which indicates deeper correction towards 10000 level in short term to medium term. One can also see small triangle (shown with red lines) in above chart , which shows resistance around 11250 and rising support around 11150 below which banknifty will be weak and may slip upto 10900 Above chart shows Banknifty is trading in Falling wedge Pattern and facing selling pressure near the resistance line of Wedge, 50DMA & 200DMA and may slip towards support line of wedge and 100DMA near 10700 . NOTE : Banknifty is facing multiple strong resistance on upside from 11150 to 11250 zone and on downside it is having good support zone of 10950 to 11050 . Hence, it will be range bound from 10950 to 11250 and major trend w...