Market Trend Lab

(BANKNIFTY WEEKLY CHART) Banknifty has broken out a triangle pattern and trading in a broad range of 12500-13000.  It is slowly and steadily breaking all the hurdles and moving higher. Still there is no weakness in trend. It is having hurdle near 13000 above which it can move to 13400 level Whereas on downside it is having support near 12550 and breaking of which it will slip to 12350-12250. (Banknifty Inverse H & S pattern) Banknifty has already given breakout from inverse H& S pattern which gives target above 15000 in short term to medium term. NOTE:   1.   For stock ideas visit :   http://justbankniftystock.blogspot.in/

In Last week update indicated about MACD crossover will bring more weakness and post trigger  banknifty slip to 10101 level and still no strength.  To Read:  http://justbanknifty.blogspot.in/2014/01/banknifty-weekly-update-rising-wedge.html In Daily update on 17th Jan 2014 indicated about break of Head and Shoulder pattern in day time frame will bring deeper correction towards 10000 level and the target achieved. To Read: http://justbanknifty.blogspot.in/2014/01/banknifty-daily-update-multiple.html On upside strong resistance around 10650-10750 zone and further weakness will continue only below 10000 level and if breaks than may slip to 9800--9600 level.

Above is banknifty daily chart with Bollinger Band indicator which shows resistance around 11185  and above that resistance near 11250 Above chart shows banknifty has made Head and Shoulder Pattern and neckline of which also broken down which indicates deeper correction towards 10000 level in short term to medium term. One can also see small triangle (shown with red lines) in above chart , which shows resistance around 11250 and rising support around 11150 below which banknifty will be weak and may slip upto 10900 Above chart shows Banknifty is trading in Falling wedge Pattern and facing selling pressure near the resistance line of Wedge, 50DMA & 200DMA and may slip towards support line of wedge and 100DMA near 10700 . NOTE : Banknifty is facing multiple strong resistance on upside from 11150 to 11250 zone and on downside it is having good support zone of 10950 to 11050 . Hence, it will be range bound from 10950 to 11250 and major trend w...

(Banknifty Daily Chart) In above Daily chart of banknifty, it has just broken the rising wedge pattern which is the bearish pattern. One can also see  Head and Shoulder pattern and breaking of both pattern suggest deeper correction in banknifty towards 10000 level. 200DMA is around 11150...

MONTHLY ANALYSIS (Monthly Chart of BANKNIFTY) (NOV'2010 TO NOV'2012) This is the Monthly chart of Banknifty from NOV'2010 TO NOV'2012 . One can see 'V' shape pattern in above chart. It had made high of 13303.60 in NOV'2010 & Low of 7766 in Dec 2011 . This downfall took 14 months period. Now Can we expect a high of 13300 in short term???   ============================== WEEKLY ANALYSIS