Market Trend Lab

(Banknifty Weekly chart) Banknifty after a breakout from a  triangle pattern  (Shown with blue line) and Positive crossover by  MACD   given a rally upto 12788 (till now). In earlier post we indicated about 'Bearish Gartley Pattern'  with target of  12800-13200 . Though triangle pattern breakout gives much higher target if sustains above 13400. On downside banknifty is having support near  12500  and below which it will slip to 12200 and  on upside resistance near  12850  and above which it may rally towards 13000+ level. NOTE:  1. RBI policy to be announced on 1st April 2014 i.e. on fool's day. expect market to be highly volatile.  2.  For stock ideas visit :  http://justbankniftystock.blogspot.in/