Market Trend Lab

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Today banknifty open gap up and closed with gain of 1.40% i.e 153 points up. Top gainer was Axis bank with 4.35% up. Bank nifty got resisted around 11200  as writing again and again from 15/2/2012 that 11000-11200 is a resistance zone for banknifty.                Week ended with strong gain and yet no weakness seen in weekly chart. Weekly channel support comes around 10600 and resistance around 11600-650

Today banknifty open gap down @10,896 but managed to close above 10900. Banknifty had taken support at Agni level of 10780 and made high of 10940.80.

From low of agni level 10780 made high of 10930 so far........

Today Agni level 10780 acted as good support bounced twice from this level to 10840. so trade with tight stop loss  as already suggested that be cautious at higher level as it is trading in overbought area from very long time.

                Important EMA: 3EMA@10715.95, 5EMA@10608.25,  & JBNSAR @10600                 So there is good support around 10600  and resistance around11000-11200

Today banknifty was up by 3.54% with gain of 374 points and top gainer was Axisbank with 7.11% up. Banknifty today open gap up @ 10633.65 near today's agni level of 10628. and went upto 10959.50. Even during the day indicated a cup and handle pattern breakout in banknifty and achieved its target. Now banknifty is very much near to its stiff resistance zone around 11000-11200. Be cautious on above level as its already in overbought zone.  

cup and handle pattern target for BNF achieved 10930

Height of cup is  291 (10637-10346)... so expect cup and handle pattern target as 10900-930

Bank nifty has given clear breakout from  cup and handle pattern today. In 10 min chart of 10th and 13th made rounding bottom and 14th made a handle and today its a breakout. BNF might find resistance near 10800-830 &  73.6% of fall from 11978 to 7766 is 10866  watch out this levels

           Important EMA : 3DEMA @10501 , 5DEMA@10447 & JBNSAR @ 10495                                 On downside good support zone is 10450 to 10500            On  upper side immediate resistance would be 10607 and monthly channel resistance zone 10650-700

Today banknifty taken a support near 5 Dema 10351 and went upto 10531 near resistance zone of 10550 to 10600. Today top gainer in banknifty was kotak bank rose to 4.08% and top loser was SBI  down by 2.16%.     Important EMA: 3DEMA @10445.77, 5DEMA @ 10326 , JBNSAR @10436