Market Trend Lab

It is important for Banknifty to close this week above Daily Agni level @ 10244 atleast for further upmove. Downside Supports are 100DEMA and 200DEMA at   10026 and 9994 respectively. In panic below 9990  it can slide  upto 9897.

(Daily Chart) Today Banknifty is facing resistance at 10215-10230 zone being 50DEMA @10217 and  Daily Agni/JBNSAR 10230/10215 where as it has strong support near 9990-10000 zone being 100 DEMA and 200 DEMA @   10024 and 9993 respectively

Banknifty closed @10306.60 with 29.80 point gain. Today 10300-10313 zone provided a good support where as it was unable to sustain above 10360. Banknifty traded in a very narrow range and hence giving a wipshaw.. Now it is important for banknifty to sustain above 10300 for further upmove.

April month ended with indecision. Month was unable to close above resistance line @ 10420 . (Monthly Chart) Today Banknifty above 10313 has a resistance @ 10360 and on downside it has a support of 10190

Today is a crucial  month end hence presenting monthly chart: In Monthly Chart Banknifty is continuously facing a resistance of two upper channels.. one for making new high and other for closing above it. For this month first channels resistance comes around  10420  and other at  10950 .  So it is important for banknifty to close a month above this channel resistance for further upmove.