Market Trend Lab

Yesterday Banknifty opened gap up @10286.80 i.e. above Agni level and JBNSAR for the day. During the day posted weekly chart and suggested that strength will be above 10440 only and it showed it power and made high of 10526.55. In weekly chart Banknifty has made Long Lower shedow candle twice which is interpreted as a bullish signal  but it also requires follow up confirmation.    (weekly  chart) candlesticks with long lower shadows  A candlestick (black or white) where its lower shadow is two-thirds  or more of the total candle’s range.  It indicate that sellers dominated during the session and drove prices  lower. However, buyers later resurfaced to bid prices higher by the  end of the session and the strong close created a long lower shadow.  That is rejection of  lower prices and is therefore seen as a bullish signal.    

(click on image to enlarge) In weekly chart Banknifty has made Long Lower shedow candle (last week) which is interpreted as a bullish signal  but it also requires follow up confirmation.   The Developing candle in weekly chart is still in red . Strength will be above 10440 only.

Agni/JBNSAR being a mechanical system for intraday, you must resist getting distracted by news flows/ events and follow your trading based on the number only. It is a number (shown Right side of the blog), one can go long when banknifty moves upward and crosses Agni/JBNSAR level from below and one can Short/sell when banknifty moves down and crosses Agni/JBNSAR .Keep stop loss a "Agni level/JBNSAR +/- 40/50 points for sell or buy respectively". To check whether it sustain above/below agni/jbnsar keep entry +/-15-20 points... For eg. today Daily agni/jbnsar was 10392/10434 than keep ur entry point at 10410/10450 respectively. Minimum 2 lots is advisable.  Book one lot with 40/50 or more points based on earlier resistances levels and hold the other with trailing stop loss once in profit.

(click on Image to Enlarge) Banknifty has broken the triangle and now next support comes around  200 day EMA @9845

Today banknifty opened gap down and made high of 10438. During the day also updated about banknifty trading in triangle and its upper resistance is around 10435-45 and was not able to cross the resistance and fell down upto 10020.  So in morning session above Agni level and JBNSAR it given gain of 60+ point  and there after again in afternoon session it went down agni/JBNSAR and made low of 10025 there by given gain of 200+ point on short side.

Bank nifty is trading in triangle.. upper resistance come around 10435-45

Yesterday Banknifty Broken the triangle range of 10200-10550 made low of 10152. Staying below 10200 next support comes around 10000-9975 and after that 9850 and on upperside resistance will be 10300 - 350