Market Trend Lab

Today 10650-700 zone provided good support as discussed on 22nd feb that weekly channel supports comes around 10700 and monthly channel breakout zone was 10600-650 and daily 3EMA & 7EMA acted as strong resistance to sustain. I am presenting weekly and monthly chart.  (Weekly chart) During the day banknifty has broken the channel support but managed to close within the channel. now let's see tomorrow whether week ends within the channel or breakdowns.

Today also Banknifty is not able to sustain above 11200 and finally also broken JBNSAR @11024 and went down upto 10714.05 which given gain of 300+ points in shorting. Banknifty closed below 3DEMA & 7DEMA. I am presenting Daily,weekly and monthly chart of banknifty for further analysis: (Daily Chart)  In daily chart banknifty closed below 3DEMA & 7DEMA which shows weakness (Weekly Chart)

(Click on image to enlarge) The Bollinger bands Fibonacci ratios is a volatility based indicators  but instead of using standard deviation as the measure of volatility, a Smoothed ATR is used in its place  that are multiplied with Fibonacci ratios of 1.618, 2.618, and 4.236. The smoothed lines that are multiplied with Fibonacci ratios are then added or subtracted from the moving average. This forms 3 upper Fibonacci bands and 3 lower Fibonacci bands.  The lines below represent support points while those above are resistance levels.  The outermost bands provide the strongest resistance/support.

Banknifty is facing resistance near 11200 zone . It touched this level twice in a day but not able to sustain above that. Today Agni level was 11178 and below it fall upto 11107  given gain of  70+ points

The cup must be U-shaped (not V-shaped) and it must have a handle. Cups without handles are a different chart pattern known as "rounded bottoms"; Generally, cups with longer and more "U" shaped bottoms, the stronger the signal.