Market Trend Lab

(BANKNIFTY DAILY CHART) In our last post on weekly update we indicated that banknifty is trading well within the wedge and  boldly written that Daily MACD is near the support line and which likely to give bounce towards 19000-19100 and having strong support at 18500-18400 level. This week it  took the support near 18500 and made the high of  19410 till date., Now on upside its having resistance near 19400-19500 and sustaining above this zone will open the door for 19800-20000 level in short term. Whereas on downside immediate support is around 19030-18910 . Still there is no weakness in banknifty in daily as well as weekly timeframe. ********** NOTE:   FOR PAIR TRADING VISIT OUR SEPARATE SITE:  http://justbankniftystock.blogspot.in ********** THOUGHT OF THE DAY: "The more difficult the victory, The greater the happiness in winning.." :Pele

(BANKNIFTY WEEKLY CHART) In above weekly chart, banknifty is trading in ' Rising Wedge ' and  hence, one has to be a cautious at higher level. Weekly MACD yet not given a negative crossover nor price broken down the wedge. (BANKNIFTY DAILY CHART) In Daily chart, MACD is near the support line which likely to give some bounce. 18400-18500 is a strong support level and above which it can move towards 19000-19100 . ********** NOTE:   FOR PAIR TRADING VISIT OUR SEPARATE SITE:  http://justbankniftystock.blogspot.in ********** THOUGHT OF THE DAY: "You were born to win, but to be a winner, you must plan to win, prepare to win and expect to win" : ZIG ZIGLAR