Market Trend Lab

(BANKNIFTY WEEKLY CHART) Banknifty is downtrending in week timeframe with  MACD  crossed down. It is highly oversold. Today in above chart we have shown fibonacci fans  and fibonacci retracement supports and resistance (shown with red dotted lines) and falling wedge pattern (shown with black dotted lines )   Which suggest that banknifty above 9600-9660 zone will move towards 9900-10050 zone whereas below 9600  weakness will be continue and may slip upto 9200-9000 level. To read more on 'Falling Wedge Pattern ' go to following link: http://justbanknifty.blogspot.in/2013/04/banknifty-weekly-analysis-and-fallling.html#more For coming  Week our  weekly Agni and JBNSAR levels   are 8940  and 9940  respectively.

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

                (TO ENLARGE CLICK ON CHART) - IN OVERBOUGHT REGION FOR A QUITE LONG TIME - HURDLES LIKE 50% RETRACEMENT @9872 LEVEL, - DAILY CHANNEL TOP & GANN FAN RESISTANCE AROUND 10150 TO 10230 - WEEKLY CHANNEL RESISTANCE @9940-50