Market Trend Lab

(Daily Chart) IMPORTANT POINTS FOR TRADING Banknifty is Very much trading in downward channel and traingle pattern. As indicated earlier about the hammer candle stick  pattern near the support line of channel and triangle, Banknifty has taken a U-turn and rallied for nearly 500 points . Now on 22nd,23rd and 24th May it had made morning star candlestick pattern which is also a one kind of bottom reversal pattern as long as the lowest low of the pattern (in this case 9157 ) is not violated else the pattern is negated. However be prepared for some sort of pullback which happens nearly 50% of time. Today upside resistance are 9500-9540 zone and downside supports are 9290 and below that 9157 level MORNING STAR CANDLESTICK PATTERN