Market Trend Lab

Today Banknifty opened at 10345.15 below weekly JBNSAR 10351 & Daily Agni level 10365 . Through out the day it acted as strong resistance zone ( 10351 to 10365 ) for banknifty to sustain and even failed to close above these levels.  Banknifty has filled the gap of 54 points ( 10321.75 to 10376 ) and made the low of   10267.95 .

Yesterday (3rd April 2012) Banknifty closed with 1.23% gain. As indicated on 3rd April , Banknifty made exactly high of 10502 after crossing weekly JBNSAR 10351. Important points for today's trading: Today is the last trading day for this week..Hence, it is important for banknifty to sustain above Weekly JBNSAR 10351 for further upmove.  In Daily chart there is a gap of 54 points ( 10321.75 to 10376 ) to be filled.  Banknifty is overbought in hourly chart so below  10320  expect fall upto  10170---10200 .  Banknifty has many resistance in  10500-600  zone. Now fresh buying in banknifty is to be made only above 10600.

Yesterday (2nd April 2012) Banknifty closed with 92.60 points gain. Kotak Bank was top gainer with 2.59% gain and Canara Bank was top loser with 1.24% loss. Banknifty had passed a day between weekly Agni level 10171 and weekly JBNSAR 10351 . Today Banknifty has good support at  10100 and on upside after crossing weekly JBNSAR 10351 rally upto 10450----10500 not ruled out.

(Daily Chart) Banknifty has good support around 9840 -9900 zone. Holding above weekly Agni level 10171 , rally upto 10351-10450 not ruled out..

Yesterday (29th March 2012) after opening gap down Banknifty closed flat with 0.33% loss.  Today Banknifty has good support at 9800  and on upside it will face resistance at 10020 thereafter 10257  will be a strong resistance. Decisive break below 9800 will take banknifty to   9700_ _ _ _ _ 9591 Day 100EMA     : 9870 Weekly 100EMA :  9851 Yesterday Low    : 9845 Todays' Agni level : 9827