Market Trend Lab

Banknifty is  downtrending  in day and week timeframe. Once again it has  broken long term rising channel support and may bull try to protect it.  Banknifty is highly oversold in day time frame and it remains there with steep downfall  when the trend is strong in higher time frame. Support near 11720--11680   and resistance near 11870--11900--11990--12090   Our  weekly JBNSAR  given sell signal  @12820  on  30th May 2013. On right side of blog,  Daily and weekly Agni/JBNSAR levels   are mentioned they act as important support / resistance levels.. Positional traders should trade with  weekly JBNSAR

Banknifty is  downtrending  in day and week timeframe. Yesterday also broken the support of    100 day moving average .  Banknifty is highly oversold. Today one has to watch  two important support  i.e.  12115 and 11900 .  There will be panic only below this.  Whereas on upside  12255----12340---12490  levels will act as resistance.  Our  weekly JBNSAR  given sell signal  @12820  on  30th May 2013.   Part booking is advisable near support zone of  11900-12200 . and balance should be hold with trailing stop loss. On right side of blog,  Daily and weekly Agni/JBNSAR levels   are mentioned they act as important support / resistance levels.. Positional traders should trade with weekly JBNSAR

(BANKNIFTY DAILY CHART) Banknifty is downtrending in day and week timeframe.  From last 3-4 trading days ,  I t has made a low near 100 day moving average   i.e. 12200 and manages to close above 12200. Banknifty is highly oversold. Today one has to watch two important support i.e. 12115 and 11900 . There will be panic only below this.  Whereas on upside 12300--- 12385---12490 levels will act as resistance.  Our  weekly JBNSAR  given sell signal  @12820  on  30th May 2013.   Part booking is advisable near support zone of  11900-12200 . and balance should be hold with trailing stop loss. On right side of blog,  Daily and weekly Agni/JBNSAR levels   are mentioned they act as important support / resistance levels.. Positional traders should trade with weekly JBNSAR.