Market Trend Lab

(Daily Chart) IMPORTANT POINTS FOR TRADING Banknifty is not able to cross the hurdle at  10450-10470 zone from last 9 trading session and now it has become a stiff resistance being a weekly SAR (10468) and if week closes below it than more weakness can be seen in coming week.

IMPORTANT POINTS FOR TRADING Banknifty is overbought in weekly chart where as in daily chart there will be mid point struggle in RSI and Stochastic Indicator. MACD is still in selling mode. Now on Upside immediate resistance for Banknifty is  10450-470 zone  and above that it can rally max upto   10610 .

IMPORTANT POINTS FOR TRADING On 31st July 2012, a day of RBI policy, Banknifty made a high of 10467.95 and low of 10239.7 that is exactly resisted at  Weekly JBNSAR Level 10468 and got support around Daily JBNSAR level 10226 Banknifty is overbought in weekly chart and oversold in daily chart hence every rise is facing selling pressure. 

Today just keep watch on weekly JBNSAR 10468 and Daily JBNSAR 10227... NO TRADE ZONE 10210-10490..

IMPORTANT POINTS FOR TRADING Banknifty is overbought in weekly chart and oversold in daily chart hence every rise will face selling pressure.  Now on Upside immediate resistance for Banknifty is  10280 and there after 10370 . And on downside it has support around  10000  below that it can slip upto  9825.