Market Trend Lab

Today Banknifty closed @ 10173.55 with the loss of 3.33%. All banking stocks were closed in red. Today top loser are Union bank and IDBI with loss of 5.48% & 5.01% respectively. Day range of Banknifty was 10583.75 to 10135.85 . Till 1.30 pm Banknifty was hovring near 10500 by 50+/- points but found difficult to sustain above 10500 being a monthly resistance hence given up all the gain. Even yesterday mentioned that weakness will be only below 10345 level and thereafter it was a free fall till todays' Agni level 10138. Today Banknifty has made bearish Engulfing candle in Daily chart : (click to enlarge image) Below 10117  Banknifty may fall upto 10060-9900