Market Trend Lab

(DAILY CHART) Yesterday banknifty took the support near 9300-9350 zone i.e. daily JBNSAR and Agni level and given a rally upto  9463.70. Today upside resistance are  9540 and after that 9665   where as downside supports are  9250  and below that  9137

(Daily Chart) Yesterday banknifty resisted near Daily JBNSAR and Agni level i.e. 9287-9322 zone and taken a support near weekly agni level @9137. Today upside resistance are 9300-9350 zone above that 9540 is a hurdle and downside supports are 9200 and below that 9070-80 zone

(Daily Chart) IMPORTANT POINTS FOR TODAY'S TRADING Yesterday banknifty has resisted near 9540 and taken a support near 9250-60 zone It is trading within a downward channel and triangle. Downside supports are  9137 and 9080 . Today above 9322 upside resistance are 9540 and there after 9665.

(DAILY CHART) IMPORTANT POINTS FOR TRADING As indicated earlier about the hammer candlestick pattern near the support line of channel and triangle, Banknifty has taken a U-turn after giving confirmations ( refer post of 17th /18th and 21st May for candlestick analysis ). Very much trading in downward channel and traingle pattern. Today above 9480 upside resistance are 9540 and thereafter will rally upto 9665 Downside supports are 9250 and below that 9137.

(Daily Chart) IMPORTANT POINTS FOR TRADING:

Yesterday after a Gap up opening banknifty had given up all the gains and closed in red. Trading very much in the triangle and downward channel. Today 200 Week EMA 9079 should be protected on closing basis. Upside resistance is 9340-50 and downside supports are 9050-80 and break of it in panic will slide upto 8959... and after that next support comes around  8500.

Everyday Banknifty is making new low and lower high. Yesterday banknifty had tested 200 Week EMA @ 9080 but manage to close above it and it should be protected this week end also otherwise there will be more bearishness. Still it is trading within triangle and  downward channel and made a hammer candlestick pattern. Today banknifty has support around 9050-9100 zone and resistance around 9285-9350 zone. (Daily Chart) HAMMER CANDLESTICK PATTERN