Market Trend Lab

(BANKNIFTY DAILY CHART) Banknifty is trading in a triangle pattern and breaking on either side will give the clear trend. It has created strong resistance zone of 12820-12930 and on downside it has good support around 12500-12550. Banknifty is in 'sell on rise' mode and Range bound . Here one can trade with support and resistance with stoploss. Our weekly JBNSAR given long signal @11371 and which was reversed @12755 last week (i.e. 1000+ points gain) .  But than last week it closed above 12755  and generated long signal again and this week made high of 13016 and again generated short signal at 12820 . In short, our weekly JBNSAR  OR even any system will give u whipsaw in range bound market so there u have to book profit near support and resistance again and again. When the trend is clear and strong there is no whipsaw in weekly JBNSAR . 

(BANKNIFTY DAILY CHART) BANKNIFTY trading in a triangle pattern . Today below 12800 it is having support around 12500-12550 . and upside it is having resistance around 12940 and than 13080 . Banknifty is in 'sell on rise' mode and range bound . One should trade with support resistance till the trend emerge.

(BANKNIFTY WEEKLY CHART) In above Weekly Chart Banknifty is trading in one big triangle shown with black dotted lines.  Staying above 12940 will take to banknifty towards 13100-13200 zone. Whereas below 12820-12840 it will be weak and slip upto 12640. Banknifty Weekly JBNSAR given long signal at 12820 . High volatility is expected being expiry near by. One should trade with proper stoploss.

(Banknifty Daily Chart) Today BANKNIFTY is having resistance around 12820-12870 zone  and on downside support around 12450-12500 zone. In week time frame banknifty is in 'Sell on Rise' mode and in day time frame it is downtrending Banknifty will be weak if it stays below weekly agni and JBNSAR level as mentioned on right side of the blog.

Today on downside banknifty is having support around 12350-12400 and on upside immediate resistance would be 12755-12800 . It is to be noted that banknifty is trading below all Daily and Weekly Agni and JBNSAR levels (mentioned on right side  of the blog)  and hence it is weak.   Weekly JBNSAR given sell signal yesterday at 12755. One can keep the stop loss around 12805 i.e. near daily agni level.

From last 3 days we are writing that banknifty is weak below 13205 level and more panic will fallow below weekly JBNSAR level of 12755 . Today banknifty made low of 12594.90. 

WE HAVE GIVEN STRATEGY FOR PNB AND ALBK BANK ON  14TH MAY 2013  AS: SELL PNB FUTURE @773 BUY ALBK FUTURE @123 TODAY  WE BOOKED PROFIT AS: PNB FUTURE @770 ALBK FUTURE @123.3  BOOKED PROFIT :  INR 2100 Note : Today We exited in ALBK in the morning itself and exited from pnb at the end of  the session as we applied rescue strategy for this pair specially (because of expiry near by and pair was in huge loss after entry and today it recovered all losses) .  Though such type of rescue strategy is not the style for pair trading. and it is applied in exceptional cases. ============================== For Steady Growth of Wealth 'Trade Less Trade Smart' WITH JUST BANKNIFTY