Market Trend Lab

Banknifty is  downtrending  in day and week timeframe. Once again it has  broken long term rising channel support and may bull try to protect it.  Banknifty is highly oversold in day time frame and it remains there with steep downfall  when the trend is strong in higher time frame. Support near 11720--11680   and resistance near 11870--11900--11990--12090   Our  weekly JBNSAR  given sell signal  @12820  on  30th May 2013. On right side of blog,  Daily and weekly Agni/JBNSAR levels   are mentioned they act as important support / resistance levels.. Positional traders should trade with  weekly JBNSAR

Banknifty is  downtrending  in day and week timeframe. Yesterday also broken the support of    100 day moving average .  Banknifty is highly oversold. Today one has to watch  two important support  i.e.  12115 and 11900 .  There will be panic only below this.  Whereas on upside  12255----12340---12490  levels will act as resistance.  Our  weekly JBNSAR  given sell signal  @12820  on  30th May 2013.   Part booking is advisable near support zone of  11900-12200 . and balance should be hold with trailing stop loss. On right side of blog,  Daily and weekly Agni/JBNSAR levels   are mentioned they act as important support / resistance levels.. Positional traders should trade with weekly JBNSAR

(BANKNIFTY DAILY CHART) Banknifty is downtrending in day and week timeframe.  From last 3-4 trading days ,  I t has made a low near 100 day moving average   i.e. 12200 and manages to close above 12200. Banknifty is highly oversold. Today one has to watch two important support i.e. 12115 and 11900 . There will be panic only below this.  Whereas on upside 12300--- 12385---12490 levels will act as resistance.  Our  weekly JBNSAR  given sell signal  @12820  on  30th May 2013.   Part booking is advisable near support zone of  11900-12200 . and balance should be hold with trailing stop loss. On right side of blog,  Daily and weekly Agni/JBNSAR levels   are mentioned they act as important support / resistance levels.. Positional traders should trade with weekly JBNSAR.

(BANKNIFTY WEEKLY CHART) Banknifty is in downtrend in week time frame. This week Price has reacted to negative diversion. MACD yet to give negative diversion whereas stochastic already crossed down and RSI still struggling at mid point. Now in coming week Banknifty has two important support i.e. 12115 and 11900-11950 ( Channel support ). If holds this than it can move towards 12700 and if fails than it will fall deep upto 11500---11300. Our weekly JBNSAR given sell signal @12820 on 30th May 2013 (right now it is in 600+ point gain ). Part booking was advisable near support zone of 11900-12200 . and balance should be hold with trailing stop loss. On right side of blog,  Daily and weekly Agni/JBNSAR levels   are mentioned they act as important support / resistance levels.. Positional traders should trade with weekly JBNSAR.

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(BANKNIFTY DAILY CHART) Banknifty is oversold in daily time frame and hence got bounce off from the support zone of 12115-12180 . Here, part booking is advisable. Our Weekly JBNSAR given sell signal @12820 on 30th may 2013. Now It may trade in a range of   12180 to 12580 . More panic will follow only below 12100-12120 .

(Daily Chart) In daily time frame banknifty has broken the small triangle and neck line of head and shoulder  which gives the target of 11800-11900 . On downside banknifty has support around 12115-12180 zone  below which one can see the panic upto channel support around 11900. One should note that banknifty is oversold in daily time frame. Our weekly JBNSAR has given sell signal around 12820 on 30th May 2013. For weekly update one can refer following link: http://justbanknifty.blogspot.in/2013/06/banknifty-weekly-update-back-in.html