Market Trend Lab

(Banknifty weekly Chart) In above weekly chart one can see the channel and rising wedge pattern. Banknifty has resisted near the top of channel and rising wedge pattern.  Rising wedge pattern in uptrend is bearish only when it break the wedge on downside otherwise it may continue its uptrend within the wedge For next week channel top and wedge top are 12630 and 12720 respectively whereas on downside wedge support comes around 11900 and 78.6% retracement level of 13303 to 7766 comes around 12115 . For Long term view one can see the below link : http://justbanknifty.blogspot.in/2012/12/banknifty-monthly-and-weekly-analysis.html RISING WEDGE PATTERN

BANKNIFTY:  Banknifty was trading below Daily Agni/JBNSAR and weekly Agni level. Yesterday JBNSAR @12460 and our CONJBNSAR @12430 given short signal. We booked one lot yesterday itself with gain of 50 points and holding 2nd lot with gain of 145 points. Status : Hold 2nd lot of Banknifty Future. Pair Trade Call : Hold ALBK_ANDHRA PAIR , SBI_ALBK PAIR

IMPORTANT POINTS FOR TRADING One can see Flag pattern inside Rising Wedge Pattern.Banknifty is trading near the top of the wedge and its  resistance comes around  12630. Bull and Bear fight continues from last 4 days . Both were unable to close banknifty substantially up or down.  MACD yet not given any sell signal.  Banknifty is highly overbought in all time frames and there is a need of price correction. On upside immediate resistance will be around  12570-12630 (Till now it has acted as Laxman Rekha) .  On downside immediate support comes around  12340-12400  and below that  12250 . On right side of blog, Daily and weekly Agni/JBNSAR levels are mentioned they act as important support/ resistance levels..

Banknifty : Booked Long position of 18th Dec 2012 with 75 points gain and booked 1 lot of  Short position taken today with gain of 50 points . Status : Hold 2nd Lot of banknifty. Pair Trade Call : Hold ALBK_ANDHRA Pair and SBI_ALBK PAIR

Gujarat Chief Minister Narendra Modi figures on the cover of the forthcoming issue of Time magazine which praises him in an article for development of the state he has been ruling for over a decade but wonders if he can become the Prime Minister. The cover of the Time magazine's Mar 26 issue features Modi, with the caption: "Modi means business but can he lead India". In an article titled "Boy from the backyard", in the forthcoming edition, the US magazines describes Modi as a "controversial, ambitious and shrewd politician". It also mentions his series of day-long Sadbhavana fasts to reach out to the people of the state. "It's Modi in makeover mode: an act of self-purification, humility and bridge building in a state that is still traumatised by the Hindu-led anti-Muslim massacres of 10 years ago and the flawed investigations in their wake...," the article says. The Time magazine article says Modi is a firm, "no-nonsense le...

IMPORTANT POINTS FOR TRADING One can see Flag pattern inside Rising Wedge Pattern. Hence, it may be possible that banknifty may continue its uptrend inside the wedge. In wedge pattern one may trade with its support and resistance line which is shown with red line in above chart. Rising wedge resistance comes around  12620-12630. MACD yet not given any sell signal. On upside immediate resistance will be around  12570-12630.  On downside immediate support comes around 12370-12400 and below that 12250 . On right side of blog, Daily and weekly Agni/JBNSAR levels are mentioned they act as important support/ resistance levels..

BANKNIFTY :  Today after opening gap up banknifty was traded in tight range.  As the Daily Agni and JBNSAR levels @ 12400-12455  and Weekly Agni levels @12630 comes closer to each other , this type of range bound will continue.   Status : Still Holding Long position in banknifty 1 lot. Pair Trade Call : Holding SBI AND ALBK Pair , ALBK AND ANDHRA PAIR.