Market Trend Lab

(BANKNIFTY DAILY CHART) Banknifty is trading in a triangle pattern and breaking on either side will give the clear trend. It has created strong resistance zone of 12820-12930 and on downside it has good support around 12500-12550. Banknifty is in 'sell on rise' mode and Range bound . Here one can trade with support and resistance with stoploss. Our weekly JBNSAR given long signal @11371 and which was reversed @12755 last week (i.e. 1000+ points gain) .  But than last week it closed above 12755  and generated long signal again and this week made high of 13016 and again generated short signal at 12820 . In short, our weekly JBNSAR  OR even any system will give u whipsaw in range bound market so there u have to book profit near support and resistance again and again. When the trend is clear and strong there is no whipsaw in weekly JBNSAR . 

(BANKNIFTY DAILY CHART) BANKNIFTY trading in a triangle pattern . Today below 12800 it is having support around 12500-12550 . and upside it is having resistance around 12940 and than 13080 . Banknifty is in 'sell on rise' mode and range bound . One should trade with support resistance till the trend emerge.

(BANKNIFTY WEEKLY CHART) In above Weekly Chart Banknifty is trading in one big triangle shown with black dotted lines.  Staying above 12940 will take to banknifty towards 13100-13200 zone. Whereas below 12820-12840 it will be weak and slip upto 12640. Banknifty Weekly JBNSAR given long signal at 12820 . High volatility is expected being expiry near by. One should trade with proper stoploss.

(Banknifty Daily Chart) Today BANKNIFTY is having resistance around 12820-12870 zone  and on downside support around 12450-12500 zone. In week time frame banknifty is in 'Sell on Rise' mode and in day time frame it is downtrending Banknifty will be weak if it stays below weekly agni and JBNSAR level as mentioned on right side of the blog.