Market Trend Lab

Yesterday after a Gap up opening banknifty had given up all the gains and closed in red. Trading very much in the triangle and downward channel. Today 200 Week EMA 9079 should be protected on closing basis. Upside resistance is 9340-50 and downside supports are 9050-80 and break of it in panic will slide upto 8959... and after that next support comes around  8500.

Everyday Banknifty is making new low and lower high. Yesterday banknifty had tested 200 Week EMA @ 9080 but manage to close above it and it should be protected this week end also otherwise there will be more bearishness. Still it is trading within triangle and  downward channel and made a hammer candlestick pattern. Today banknifty has support around 9050-9100 zone and resistance around 9285-9350 zone. (Daily Chart) HAMMER CANDLESTICK PATTERN

Till date Banknifty is respecting support line of the downward channel. It has a support at  9080 on downside and resistance around  9350-60 . Breaking any one of it will decide the future trend. (Daily chart)

(Daily chart) Important points for today's trading: Banknifty is oversold in Daily as well as hourly chart...  It is trading very much near to support line of a channel of a flag pattern and support comes around 9200. Triangle support comes around 9050. Most important weekly 200 EMA comes around 9080 So be cautious in shorting in 9050-9250 zone.