Market Trend Lab

IMPORTANT POINTS FOR TRADING In daily chart Banknifty has made inverse head and shoulder pattern and also broken the neck line which gives target of 12500 in medium term. Now immediate resistance will be  11750 and thereafter 11820-11855  zone. On downside it has a support around  11460-11480 zone . Banknifty is highly overbought in daily chart but no weakness in trend. Now CONJBNSAR is  11408 for 5th oct 2012    and if banknifty breaks the same than only trend will be reversed else the uptrend will continue.

IMPORTANT POINTS FOR TRADING Banknifty is finding difficulty in crossing the hurdle of 11550 from past 7 trading sessions and if sustains above 11550 than it can rally upto  11750. Now immediate resistance will be 11470-11492 zone. on downside it has a support around  11350-11370 zone  below which it will be weak. Banknifty is highly overbought in daily chart but no weakness in trend. Now CONJBNSAR is  11340 for 4th oct 2012    and if banknifty breaks the same than short siganal will be generated.  

IMPORTANT POINTS FOR TRADING Banknifty is finding difficulty in crossing the hurdle of 11550    and if sustains above 11550 than it can rally upto  11750 . on downside it has a support around  11320  below which it will be weak. Banknifty is highly overbought in daily chart but no weakness in trend. Now CONJBNSAR is  11306 for 3rd oct 2012    and if banknifty breaks the same than short siganal will be generated.