Market Trend Lab

Banknifty is trading near top channel......just keep eye on 9850-9888 zone...   Be cautious...!!!

(Daily chart) IMPORTANT POINTS FOR TRADING   Banknifty is range bound between 9700-10000  by the the time it gives decisive breakout from the range and sustains above channel top... "Sell on Rise is the Mantra". Be cautious on higher level as it had faced selling pressure everytime it  touched around channel top.

Today Banknifty crossed Daily JBNSAR 9858 and Weekly Agni level 9888 and than fired upto 10046.90 and closed at 10033.65 ... thereby once again given gain of 100+ points... . 

(Daily Chart) IMPORTANT POINTS FOR TRADING Banknifty is trading within the channel and triangle pattern. Now it is very much near to its stiff resistance zone 9860-9890 and above that it also has the hurdle of  top channel  resistance around 9955-9965 . On downside it has good support around 9700-9750 zone. Banknifty is range bound between 9700 to 10000 . Breaking of either side will give a good run.

Today Daily JBNSAR @ 9860 and Weekly Agni level @ 9888 has provided a good resistance zone.It has slipped twice from this zone. Once in the morning banknifty made a high around 9875 and fall down to 9764.45. .. and thereafter in afternoon once again slipped from 9875 to 9803 . thereby given a gain of 100+ points ...!!!!! KEEP SMILING

IMPORTANT POINTS FOR TRADING  Banknifty is trading within the channel and triangle pattern. It is in consolidation mode. Banknifty hourly chart is oversold and might give some rally... Now on upside immediate resistance are 9860-9900 . On downside support is 9550-9619 zone.

(Daily Chart) IMPORTANT POINTS FOR TRADING Banknifty is finding difficulty in sustaining above channel top and once again closed within the channel. It has closed below all major EMAs' like 100 Day EMA  @9839, 200 Day EMA @ 9890 and 100 week EMA @9859. Strength is only above 9800-9900 zone whereas below weekly JBNSAR @  9695 it can slip upto 9550 and thereafter 9400.

The  Reserve Bank of India  kept repo rate  and cash reserve ratio unchanged, disappointed both the bond and stock markets. There was a free fall in the market thereafter. Banknifty after crossing down Daily Agni/JBNSAR level i.e. 10083/10042 level fall upto first weekly agni level @ 9888 and thereafter also touched weekly JBNSAR level 9695 and that was the low of the day.

IMPORTANT POINTS FOR TRADING Banknifty once again given a breakout from the daily channel but follow up action is required. Banknifty staying above 10083 can take it to 10225 and thereafter towards 10400 . Any weakness will be below 10042  and can slip upto 9830-40 .