Market Trend Lab

Yesterday (29th March 2012) after opening gap down Banknifty closed flat with 0.33% loss.  Today Banknifty has good support at 9800  and on upside it will face resistance at 10020 thereafter 10257  will be a strong resistance. Decisive break below 9800 will take banknifty to   9700_ _ _ _ _ 9591 Day 100EMA     : 9870 Weekly 100EMA :  9851 Yesterday Low    : 9845 Todays' Agni level : 9827

Today Banknifty closed with loss of  1.86%  and top gainer of the day was again Union bank with 2.68%  gain and top loser was Bank of India with 4.07% loss. Banknifty found support near 200 DEMA @ 9916 below Daily Agni level of 10027.  On 22nd march it was indicated that Banknifty has made bearish engulfing candle and below 10117 it may fall upto 9900. From last 4 week, Banknifty is closing below weekly Agni and JBNSAR level. This is the 5th week important to cross  10257  and to sustain above  10410  for further upmove .

(click on Image to enlarge) (Daily Chart)  Yesterday Banknifty has made Long Lower Shadow candle in Daily chart which indicates a reversal but requires follow up confirmation. 200 DEMA @ 9916 and 100DEMA @ 9867 will act as support.   (click on Image to enlarge) (Monthly chart) In Monthly Chart Channel Resistance comes around 10500-10510

Today Banknifty closed with gain of 1.05% and top gainer of the day was Union bank with 3.72% gain. Banknifty opened gap up @ 10171.90 but failed to sustain above Daily Agni level 10188 and made the low of 9967.55 . In afternoon it cross Agni level but found resistance near Weekly Agni level of 10257 and fall down upto 10054 . From last 4 week, Banknifty is closing below weekly Agni and JBNSAR level. This is the 5th week important to cross 10257 and to sustain above 10410 for further upmove.

Today Banknifty was down by 2.44% . Top losers were Axis bank,PNB, Canara Bank and ICICI Bank down by nearly 4%. On 22nd March Banknifty has made Bearish Engulfing candle and on 23rd march it has made Harami bottom candle and today it has confirm the bearish mode. Even today Daily & weekly Agni level of 10257 was very much important to cross but it failed to sustain above it and afterthat it was free fall upto 10013 . Tomorrow also 10257-10260 will be crucial and above that expect run upto 10400. On downside banknifty has strong support near 9700-9800 zone being support channel of Flag pattern , 200 day EMA @9913 and 100 day EMA @9861 .