Market Trend Lab

March Month ended in red and week closed in green @11361.85 Let review the month and weekly chart of banknifty... (BANKNIFTY: MONTHLY CHART) Though March month ended in red but managed to close within 'Long Term Support Line' which at one point of time broken . It took the support near 21 month EMA around 11030. (BANKNIFTY: WEEKLY CHART) At the week end (Expiry), short covering helped the banknifty to  sustain above 100WEMA.  Banknifty has broken the 'Weekly Rising Channel'  and took the support near 100 week EMA around 11040 which was the last hope for bull. NOTE: Banknifty broken  ' Weekly Rising Channel '  suggest bearish torn and Month managed to close within  'Long Term Support Line'  which temporarily puts pause to this downfall. In our last post we suggested that this downfall might get a pause near multi-support zone around  11000-11170  and possibility of market might get into range bound.. and it ...

We are reposting our monthly and weekly analysis post written on last sunday.. (BANKNIFTY:WEEKLY CHART) Banknifty has broken the support line of 'Weekly Rising Channel' and closed below it @11204.05  but It has managed to close above ' 50Week Moving Average' around 11100  which is the one hope for bull to return. (BANKNIFTY: MONTHLY CHART) In monthly chart, one can see that banknifty is trading near '14Month Moving Average' around 11170 . Secondly though bull failed to close week within the channel but if manage to close month within the 'Long Term rising support line' i.e. around 11255-11300 zone than this downfall gets a pause. Note:   Closing of Week below 'Rising Channel Support Line' suggest bearish torn and if Month also closes below its 'Long Term Rising Support Line'  than  bearishness will gets confirmed and overall trend will turn to downward. This downfall might get a pause near multi-support ...

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