-I HAD SHARED A WEEKLY IDEA OF BANKNIFTY ASCENDING CHANNEL PATTERN -INDEX MANAGED TO REVERSE FROM THE SUPPORTED TRENDLINE -BANKNIFTY DOWNSIDE LOOKS CAPPED BECAUSE THERE ARE MULTIPLE SUPPORTS -FROM MOVING AVERGAGES TO FIBONACCI LEVELS TO SUPPORT ZONES -CRUCIAL SUPPORT IS PLACED AT 21960 AND 21600 -INDEX DID NOT ONLY CONQUER 2196O IT MANAGED TO CROSS ABOVE 22000 AND CONQUER ITS 20-EMA -WHICH IS A GOOD INDICATION THAT THE CHANNEL LEVELS ARE RESPECTED -CRUCIAL RESISTANCE IS PLACED AT 22440 FOR THE BANKNIFTY -THE WAY BANKNIFTY IS SETUP CAN TEST 22800-23070 SOON ONLY HURDLE IS 22440 -BANKNIFTY CAN BE PROVIDED STRENGTH BY KOTAK AND ICICI BANK -WE DID SEE SOME SHORT COVERING IN ICICI BANK YESTERDAY -ONLY PROBLEM IS THAT BANKNIFTY FUTURES IS IN 100 POINT PREMIUM -WHICH I EXPECT THE MARKET TO CLOSE THAT PREMIUM TODAY
BANKNIFTY RESISTANCE FOR THE DAY 22440-22800-23070 BANKNIFTY SUPPORT FOR THE DAY 21660-21812-21960
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