Market Trend Lab

IMPORTANT POINTS FOR TRADING In daily chart Banknifty has made one big  'Inverted Cup and Handle Pattern'   (shown in pink dotted lines)  which is a ' bearish pattern'. It is interesting to watch whether it breaks the joining lines of rim or not by closing below it. Banknifty is near very important support zone which comes around 11350-11400. This support zone is important because its weekly rising channel support and expecting minor bounce back from here otherwise it will create another round of  sharp panic in market.  Banknifty staying below  Weekly JBNSAR   11910  our first target was 11585  and after that more panic upto  11400  level which was achieved yesterday. Now immediate resistance for banknifty is 11585-11640 zone.  and support around 11350-11400. On right side of blog,  Daily and weekly Agni/JBNSAR levels  are mentioned they act as important support/ resistance levels..

IMPORTANT POINTS FOR TRADING Banknifty failed to cross the hurdle of 12240 and also failed to sustain above 12035  and given up all the gains. Banknifty is weak as it broken the  weekly JBNSAR LEVEL of 12035 and till now made a low of 11754 and further weakness will continue once it breaks down the weekly Agni level of 11715 also. Below 11665-11715 zone it can fall upto 11400 level. One also keep in mind that in daily chart Banknifty has made one big  'Inverted Cup and Handle Pattern'   (shown in pink dotted lines)  which is a ' bearish pattern' if it breaks the line joining the left and right rim of cup. It is interesting to watch whether it breaks the joining lines of rim or not. More write up on this pattern is given below separately. On right side of blog,  Daily and weekly Agni/JBNSAR levels  are mentioned they act as important support/ resistance levels.. INVERTED CUP WITH HANDLE PATTERN Price makes a gentle round...