Market Trend Lab

(BANKNIFTY WEEKLY CHART) Banknifty has given a breakout from a triangle pattern (Shown with blue line) and also MACD given a positive cross over.  It is to be noted that MACD postive crossover is still below zero line and it will be more bullish as soon as it crosses this line. This week on downside important support comes around 11700 and 11500 . and on upside immediate resistance will be 12000 and sustaining above this will move to 12200--12500 zone. This week expected to be highly volatile and some pull back also as Banknifty is highly overbought in day timeframe and key macro data is also going to be announced this week. NOTE :  1.)  THIS WEEK MACRO DATA WILL BE DECLARED : IIP AND CPI NUMBERS ON WEDNESDAY, WPI ON FRIDAY.  2) U.S. ON THURSDAY WILL BE ANNOUNCING THE KEY RETAIL SALES DATA.