Market Trend Lab

Banknifty is now in oversold area in daily chart and very much near to a critical point around which it should pause this fall. Presenting two Daily chart... one with Flag Pattern and another with Triangle Pattern.  (Daily Chart : Flag Pattern)

Banknifty below 200DEMA @9987 and 100 DEMA @10010 will be weak and continue its downside movement. Below Agni level of today  9551  it will fall upto 9400 and in panic it may even touch  9250.

(Daily Chart) Banknifty closed the week below 100 Week EMA  and even 100 DEMA and 200 DEMA . In panic banknifty may slide upto 9500-9400. Till the Banknifty gives breakout from Flag pattern there should not be any buying.

It is important for Banknifty to close this week above Daily Agni level @ 10244 atleast for further upmove. Downside Supports are 100DEMA and 200DEMA at   10026 and 9994 respectively. In panic below 9990  it can slide  upto 9897.

(Daily Chart) Today Banknifty is facing resistance at 10215-10230 zone being 50DEMA @10217 and  Daily Agni/JBNSAR 10230/10215 where as it has strong support near 9990-10000 zone being 100 DEMA and 200 DEMA @   10024 and 9993 respectively

Banknifty closed @10306.60 with 29.80 point gain. Today 10300-10313 zone provided a good support where as it was unable to sustain above 10360. Banknifty traded in a very narrow range and hence giving a wipshaw.. Now it is important for banknifty to sustain above 10300 for further upmove.