Market Trend Lab

Today bank nifty open gap up @9969 and went down  upto 9701 near JBNSAR 9681 & 200DEMA @ 9670 which provided support today and bounced back towards 9800 . Bank Nifty closed @9813 near week 55 ema @ 9810. still no weakness seen. 

                (TO ENLARGE CLICK ON CHART) - IN OVERBOUGHT REGION FOR A QUITE LONG TIME - HURDLES LIKE 50% RETRACEMENT @9872 LEVEL, - DAILY CHANNEL TOP & GANN FAN RESISTANCE AROUND 10150 TO 10230 - WEEKLY CHANNEL RESISTANCE @9940-50

Bank nifty visited around agni level of 9893 twice in a day. Today Agni level acted as good resistance. First it fell down upto 9762.5 (100+ points) and in afternoon again it fell down upto 9821(60+ points) gained by keeping day's high as stoploss for intraday. Bank nifty made high of 9905.50 and low 9762.5 and closed @ 9856.60

todays Bank nifty agni level is 9893

                    Daily 200 ema @9666 , 100 ema @9160 & 55 ema @8885.                              Watch the level of 9980 to 10080.

                weekly 55ema @9810 , 100 ema @ 9742 , 200 ema @8882                  Bank Nifty trading at weekly upper channel.

Today once bank nifty cross Agni Level of 9572 went upto 9885 and closed @9834. (given gain of  300+ points) Today also a day for RBI credit policy review which also helped banknifty to cross 200dema. (Cuts CRR by 50BPS) Still no weakness seen. ( ****Always Manage the trades with Agni level with proper stoploss ****)

BANK NIFTY MADE HIGH OF 9872 EXACTLY 50%  RETRACEMENT   OF 11978 TO 7766