Market Trend Lab

(Banknifty Daily Chart) In above Daily chart of banknifty, it has just broken the rising wedge pattern which is the bearish pattern. One can also see  Head and Shoulder pattern and breaking of both pattern suggest deeper correction in banknifty towards 10000 level. 200DMA is around 11150...

(Banknifty Weekly Chart) Banknifty is trading in rising wedge pattern and got sold off from the wedge top around 12150 and  took the support near 100WMA around 11045 . For coming week upside immediate resistance is around 11385-11450 zone and downside its having support around 11140-11180 zone.  It will be weak below 11045 . Rising Wedge pattern is considered as reversal pattern when it is found in uptrend. It will be bearish only when it breaks down the pattern followed by stochastic and MACD indicator. Yet the pattern is not broken.

BANKNIFTY TRADES UPDATE  FOR December MONTH (*level given for spot price) : On 30th Dec 2013 : Buy banknifty  @ 11470 Buy 2 lots of put option of strike price 11000 @140-142 both lot Exited  @11390 (Loss of 160 POINTS) both put option of strike price 11000 booked @180-185 (Gain of 80 POINTS) TOTAL NET GAIN BOOKED IN THIS TRADE : -80 POINTS ================================================= On 26th Dec 2013 : sell  @ 11390 (only one lot) Exited  @11445(27th Dec 2013) (Loss of 55 POINTS) TOTAL NET GAIN BOOKED IN THIS TRADE : -55 POINTS ================================================= On 24th...