Market Trend Lab

From last week end bank nifty is giving continuously bullish signals like: 1. Long lower shedow candle (bullish signal) in weekly chart 2. Triangle break out in daily chart. 3. cup and handle pattern breakout in 10 min intraday chart Now Banknifty spot has resistance near 11100-200 zone provided it cross 10900 on closing basis During the day also indicated that bank nifty future has target of 10900-11000 after breakout from cup and handle pattern and today it has given a break out and made high of 11014.75 . (click on image to enlarge) (Banknifty Future Intraday chart)

Yesterday during the day  indicated that banknifty future has made cup and handle pattern and hight of the cup is 225-55 points hence expect target of 10900-11000 after breakout. Today banknifty future has given breakout from cup and handle pattern and 1st target of 10900 achieved.

Banknifty future is making cup and handle pattern in 5 min chart. (click on image to enlarge)

The cup must be U-shaped (not V-shaped) and it must have a handle. Cups without handles are a different chart pattern known as "rounded bottoms"; Generally, cups with longer and more "U" shaped bottoms, the stronger the signal.

Today banknifty was up by 3.54% with gain of 374 points and top gainer was Axisbank with 7.11% up. Banknifty today open gap up @ 10633.65 near today's agni level of 10628. and went upto 10959.50. Even during the day indicated a cup and handle pattern breakout in banknifty and achieved its target. Now banknifty is very much near to its stiff resistance zone around 11000-11200. Be cautious on above level as its already in overbought zone.  

cup and handle pattern target for BNF achieved 10930

Height of cup is  291 (10637-10346)... so expect cup and handle pattern target as 10900-930

Bank nifty has given clear breakout from  cup and handle pattern today. In 10 min chart of 10th and 13th made rounding bottom and 14th made a handle and today its a breakout. BNF might find resistance near 10800-830 &  73.6% of fall from 11978 to 7766 is 10866  watch out this levels