Market Trend Lab

In above weekly chart one can see the channel and rising wedge pattern.  Last week Banknifty took the support near the weekly JBNSAR level @12390  and had resisted near the top of   Rising wedge pattern and our weekly Agni level of 12815 .  Weekly  MACD  still in bullish tone and  stochastic  too overbought and in bullish territory. One should be cautious on higher levels. For next week wedge top resistance comes around  12850-12870 zone  whereas on downside wedge support comes around  12150  and  78.6%  retracement level of  13303 to 7766  comes around  12115 . When Rising Wedge pattern is found   in an uptrend ,  it is considered a reversal pattern  only when it breaks the wedge on either side otherwise it may continue its uptrend within the wedge...  To read more on  'Rising Wedge Pattern'  click the given link : http://justbanknifty.blogspot...

BANKNIFTY is trading near the top of the  ' Rising Wedge Pattern ' around  12810 (level will rise everyday) . .. Today BANKNIFTY will face strong resistance around  12800-12850 zone and o n downside it has a good support around  12600-12650. Be cautious on higher levels as it is trading in a 'Rising Wedge Pattern' which is termed as reversal pattern in uptrend only when it breaks the wedge otherwise  it may continue its uptrend within the wedge..

BANKNIFTY  : Today most of the time Banknifty traded sideline between  12760 and 12800. It is getting resisted near the weekly Agni level of  12815. Status  :  2nd lot of BankniftY future Long booked with gain of 270 points.  Pair Trade Call  :  HOLD ALBK AND VIJAYA BANK PAIR , ICICI BANK AND BANKBARODA PAIR.

BANKNIFTY is trading near the top of the  ' Rising Wedge Pattern ' around  12780 (level will rise everyday) . ..Today daily Agni level is @ 12735 and Weekly Agni Level @ 12815.  Today keep a watch on 12735 and 12815 level. Above these levels it will have strength to move towards 13000. On downside it has made good support around  12550-12600 Be cautious on higher levels as it is trading in a 'Rising Wedge Pattern' which is termed as reversal pattern in uptrend only when it breaks the wedge otherwise  it may continue its uptrend within the wedge..

BANKNIFTY  : Today after opening gap up, Banknifty traded sideline between 12760 and 12815    the levels mentioned in pre market view. Today it found difficult to cross weekly Agni level of 12815. Status  : HOLD 2nd lot of BankniftY future Long. Pair Trade Call  :  HOLD ALBK AND VIJAYA BANK PAIR , ICICI BANK AND BANKBARODA PAIR.

BANKNIFTY broke out from the channel of a  Flag pattern  around  12600--12610. . and above that ' Rising Wedge Pattern ' resistance comes around  12760 . ..and Weekly Agni Level comes around 12815.  On downside it has made good support around 12500-12550 Be cautious on higher levels as it is trading in a 'Rising Wedge Pattern' which is termed as reversal pattern in uptrend....

BANKNIFTY  : Today Banknifty  given a 200 points rally and we booked one lot of BNF with 84 points gain and 2nd lot holding with gain of   198 points Status  : HOLD 2nd lot of BankniftY future Long. Pair Trade Call  : Today brave heart booked profit of  Rs.3200/-  in ALBK AND IDBI PAIR. Status  : HOLD ALBK AND VIJAYA BANK PAIR , ICICI BANK AND BANKBARODA PAIR.