Market Trend Lab

The RBI  has left repo rate unchanged at 8.5 per cent and  stated that rising fiscal deficit is adding to inflationary pressure and sudden spike in crude prices has accentuated slowdown risk. Hence, All the sectoral indices were in the red with rate sensitives like Realty, Banks and Capital Goods leading the decline.   Banknifty was down by 2.71% and all banks closed in red. Today JBNSAR @10676 has triggered sale signal and there by  given gain of 100+ points in swing trading during intraday. Tomorrow again 10634 level is important for banknifty to sustain for further upmove.

BANKNIFTY (SPOT) JBNSAR given sell signal @10676 BANKNIFTY made low of : 10583                            11.58 A.M. 10577.30                       12.00 PM     10566.00                        12.08 PM            (100 POINT GAIN BOOK 1 LOT) 10556.40                         02.36pm

The Reserve Bank of India (RBI) has left key policy rates untouched on Thursday mainly on the back of high fiscal deficit and rising crude oil prices. Banknifty (spot) trading below today's DAILY JBNSAR 10676. and WEEKLY JBNSAR IS 10634 below that expect more panic. Hourly intraday chart of  banknifty was highly overbought and expected pull back..Presenting hourly intraday chart of banknifty future with retracement level. (click on image to enlarge) HOURLY BANKNIFTY FUTURE

Being today RBI  mid quarter credit policy review  and   Union budget  tomorrow ,  expecting high volatility in market today. CNBC poll shows no rate action this time. In banknifty: 1. Target of cup and handle pattern is ACHIEVED 2. Target of triangle breakout in daily chart is also almost ACHIEVED. 3. long lower shedow candle in weekly chart will unfold direction on this week close. 4. Hourly intraday chart is highly overbought

From last week end bank nifty is giving continuously bullish signals like: 1. Long lower shedow candle (bullish signal) in weekly chart 2. Triangle break out in daily chart. 3. cup and handle pattern breakout in 10 min intraday chart Now Banknifty spot has resistance near 11100-200 zone provided it cross 10900 on closing basis During the day also indicated that bank nifty future has target of 10900-11000 after breakout from cup and handle pattern and today it has given a break out and made high of 11014.75 . (click on image to enlarge) (Banknifty Future Intraday chart)

Banknifty Spot immediate resistance is near 10880-10900 zone

Yesterday during the day  indicated that banknifty future has made cup and handle pattern and hight of the cup is 225-55 points hence expect target of 10900-11000 after breakout. Today banknifty future has given breakout from cup and handle pattern and 1st target of 10900 achieved.