Market Trend Lab

Banknifty is downtrending in week timeframe with  MACD  crossed down. It is falling in very steep channel from its all time  high@13414  and closed @9816 below  38.2% retracement level .  Banknifty is highly oversold in week timeframe hence, one should be cautious in initiating fresh short. In coming week , upside resistance  @10250-10300  zone and above that strong resistance of  100WMA@10750  whereas on downside below  9660  may slip upto  9400-9350 . For coming  Week our  weekly Agni and JBNSAR levels   are  9400  and  10315  respectively. Our  Weekly JBNSAR  system given Sell signal below  @11525  on 16th july 2013 (open gap down @ 11459).  Part booking was advised near  11000  and balance shall be held till it reversed by weekly JBNSAR. On right side of blog,  Daily and weekly Agni/JBNSAR levels   are mentioned t...