Market Trend Lab

Banknifty has shown its power after crossing weekly Agni Level @10172. ... and made high 10275 (till now)..there by given 100 points gain .......

TECHNICAL ANALYSIS OF BANKNIFTY Banknifty has given a breakout from the channel but still not given a decisive rally. It has become a range bound and yesterday too it traded in very narrow range.  Today on upper side resistance is 10140-150 and on downside support is 9950 . Stochastic is showing a negative divergence in above chart and  RSI has paused at middle point.

Banknifty is trading below Daily Agni level 10046 and now keep your eyes on Daily JBNSAR 9988 ..... crossing this level decisively will bring banknifty towards 9900-9840 level.

(Daily chart) TECHNICAL ANALYSIS OF BANKNIFTY Banknifty after a breakout from the channel trading  in a small triangle pattern and resistance line of which comes around 10150-160 and support comes around 9920 . Breaking either of which will decide short term trend for banknifty. Stochastic is giving a negative divergence in a above chart but let it be confirm by price action also.

Banknifty slipped  from Daily Agni level 10087 to Daily JBNSAR 9992 and if it doesnt holds this level (9992) also than fall upto 9900-9840 is likely........!!!!!!!!!!!!!! closely watch 9992 level...

IMPORTANT POINTS TO T RADE Banknifty is trading above the channel but it has not given a decisive move there after. It has just given 100-200 points rally above channel after a breakout. Now banknifty has immediate resistance at 10085-100 and thereafter weekly Agni level @ 10172 . On downside it has support near 9840 and will be weak only below that. Stochastic is giving a negative divergence in above chart and now let it be confirm by price action also. 

More intraday strength will be only above 10043 and it  is already trading below daily Agni level 10043 and staying below that may fall upto 9958 and  there after 9900 too..

(DAILY CHART) IMPORTANT POINTS TO TRADE From 11th June Whenever banknifty traded around 10100-200 zone had faced selling pressure and thats the reason for reminding cautious approach. Now it has resistance around 10170-225 zone and downside support around 9840. More weakness will be only below 9840 .

Banknifty erased all early gains as measures announced by the government to boost economy played spoilsport. Measures were not enough to give a boost to the market. It found difficulty to sustain above weekly agni level 10172 after 11.30 a.m. and than on downside journey it crossed daily Agni level and JBNSAR i.e. 9966 and 9922 respectively...  More weakness only below weekly JBNSAR 9842...

IMPORTANT POINTS FOR TRADING Banknifty has given a breakout from the channel by closing above it. To boost this rally further requires positive policy action from the government and RBI.  Above weekly Agni Level 10172 banknifty can move upto 10400. Banknifty will be weak only below 9840 .