Market Trend Lab

At present Banknifty is trading above all daily and weekly Agni / JBNSAR level and hence it is uptranding. It has build up a good support around 9360_9450 zone and now once again moving towards its stiff resistance zone i.e .9800-9850. It is important to sustain above this level for further upmove towards 10000 .

Banknifty has filled the gap of 9514 to 9579 and now upside resistance is another gap of   9640-80.

As indicated on 31st May and 1st June 2012 that Banknifty had made evening star candlestick pattern near a very important resistance zone hence it was more reliable and below weekly JBNSAR 9490 will fall upto 9360-9260 zone,  And had slipped upto 9252.60.  Today it has downside support around 8890 and upside resistance are 9360 and above that 9420-9490 zone.

(DAILY CHART) After making Evening star candlestick pattern and below Weekly JBNSAR level of 9490 banknifty has sliped upto 9360 Now next support comes around 9200-9250 zone and below that 8955 Upside resistance is a gap between 9514 to 9579 and another gap of 9640-80

(Daily Chart) IMPORTANT POINTS FOR TRADING Banknifty has made an evening star candlestick pattern  which is also a one kind of top reversal pattern. Now below 9490  banknifty can slip upto 9360-9260 zone. Upside strong resistance is a gap of 9640-80 zone and above that next hurdle will be 9780-9800 .

EVENING STAR CANDLESTICK PATTERN The  evening star  candlestick is the bearish version of the morning star. It is a top reversal pattern.    The evening star also a three candle pattern with the first candle being a strongly bullish candle showing buying acceleration. The second candle is the star which shows indecision while the third is long red real body shows sellers taking the control. This third candle closes well into the body of first candle.