Market Trend Lab

1. Once, all villagers decided to pray for rain, on the day of prayer all the People gathered but only one boy came with an umbrella… THAT’S FAITH 2. When you throw a baby in the air, she laughs because she knows you will catch her… THAT’S TRUST 3. Every night we go to bed, without any assurance of being alive the next Morning but still we set the alarms in our watch to wake up… THAT’S HOPE 4. We plan big things for tomorrow in spite of zero knowledge of the future or having any certainty of uncertainties… THAT’S CONFIDENCE 5. We see the world suffering. We know there is every possibility of same or similar things happening to us. But still we get married??.. THAT’S OVER CONFIDENCE!!

Today Banknifty closed @ 10173.55 with the loss of 3.33%. All banking stocks were closed in red. Today top loser are Union bank and IDBI with loss of 5.48% & 5.01% respectively. Day range of Banknifty was 10583.75 to 10135.85 . Till 1.30 pm Banknifty was hovring near 10500 by 50+/- points but found difficult to sustain above 10500 being a monthly resistance hence given up all the gain. Even yesterday mentioned that weakness will be only below 10345 level and thereafter it was a free fall till todays' Agni level 10138. Today Banknifty has made bearish Engulfing candle in Daily chart : (click to enlarge image) Below 10117  Banknifty may fall upto 10060-9900

Today Banknifty closed with 2.36% gain. All banks closed in green. Highest gainer of the day was Axis bank with 4.66% gain. Today Daily Agni/JBNSAR was 10096/10364.20 & Weekly Agni/JBNSAR was 10388/10463.50. Hence today given buy signal when it crossed  Daily JBNSAR and Weekly Agni level i.e. 10364.20 to 10388 zone . Banknifty closed above Daily and weekly Agni and JBNSAR hence expect some more upmove. weakness will be only below 10345. During the day also updated about Flag pattern in banknifty daily chart and its resistance are 10700-800 zone

Banknifty has formed a Flag Pattern in its daily chart. Support comes around 9700-9800 zone and Resistance comes around 10700-800 zone. So, After consolidation banknifty may continue in its upward direction. THE FLAG PATTERN The Flag pattern usually occurs after a significant up or down market move. After a strong move, prices usually need to rest. This resting period usually occurs in the shape of a rectangle, thus the word "flag". The Flag is considered a continuation pattern because after resting, prices will usually continue in the direction they did before.

There is a gap to be filled by banknifty (spot)  10286.80 to 10169.45

Weekly Agni level is 10388 and weekly  JBNSAR 10463.50.. . which given sale signal in morning by opening @10440 i.e. below Weekly JBNSAR Banknifty               Time 10373.00              09.55 am   (short signal again if not shorted at opening) 10263.50             11.24 am 10246.80              11.35 am     ( 100+ point gain) 10232.35             12.30 pm 10203.00             01.18 pm 10162.85            01.57 pm (200+ point gain) 10135.25       02.12 pm