Market Trend Lab

(DAILY CHART) After making Evening star candlestick pattern and below Weekly JBNSAR level of 9490 banknifty has sliped upto 9360 Now next support comes around 9200-9250 zone and below that 8955 Upside resistance is a gap between 9514 to 9579 and another gap of 9640-80

(Daily Chart) IMPORTANT POINTS FOR TRADING Banknifty has made an evening star candlestick pattern  which is also a one kind of top reversal pattern. Now below 9490  banknifty can slip upto 9360-9260 zone. Upside strong resistance is a gap of 9640-80 zone and above that next hurdle will be 9780-9800 .

EVENING STAR CANDLESTICK PATTERN The  evening star  candlestick is the bearish version of the morning star. It is a top reversal pattern.    The evening star also a three candle pattern with the first candle being a strongly bullish candle showing buying acceleration. The second candle is the star which shows indecision while the third is long red real body shows sellers taking the control. This third candle closes well into the body of first candle.

(Daily Chart) IMPORTANT POINTS FOR TRADING Banknifty has support around 9450 and has to face many hurdles between 9830 to 9900 zone. Banknifty is overbought in hourly chart and also very much near to its stiff resistance zone hence, might give some pull back.

(Daily Chart) IMPORTANT POINTS FOR TRADING Yesterday Banknifty has crossed weekly Agni level 9490 and given a run of 200+ points in a day. Now Banknifty has support  around 9450 and upside can rally upto 9800 but after that it has to face many resistance between 9830 to 9900 zone.

(Daily Chart) IMPORTANT POINTS FOR TRADING Banknifty is Very much trading in downward channel and traingle pattern. As indicated earlier about the hammer candle stick  pattern near the support line of channel and triangle, Banknifty has taken a U-turn and rallied for nearly 500 points . Now on 22nd,23rd and 24th May it had made morning star candlestick pattern which is also a one kind of bottom reversal pattern as long as the lowest low of the pattern (in this case 9157 ) is not violated else the pattern is negated. However be prepared for some sort of pullback which happens nearly 50% of time. Today upside resistance are 9500-9540 zone and downside supports are 9290 and below that 9157 level MORNING STAR CANDLESTICK PATTERN