Market Trend Lab

(Banknifty Weekly Chart) Banknifty has given a breakout from a  triangle pattern  (Shown with blue line) and   MACD  also  given a positive cross over in above weekly chart.  After giving a big run up from 9945 to 12300 , it is trading in sideline between 12300-11800. This week on downside important support comes around  11700  and  11500 . and on upside immediate resistance will be  12350  and sustaining above this will move to  12500 .

(BANKNIFTY WEEKLY CHART) Banknifty has given a breakout from a triangle pattern (Shown with blue line) and also MACD given a positive cross over.  It is to be noted that MACD postive crossover is still below zero line and it will be more bullish as soon as it crosses this line. This week on downside important support comes around 11700 and 11500 . and on upside immediate resistance will be 12000 and sustaining above this will move to 12200--12500 zone. This week expected to be highly volatile and some pull back also as Banknifty is highly overbought in day timeframe and key macro data is also going to be announced this week. NOTE :  1.)  THIS WEEK MACRO DATA WILL BE DECLARED : IIP AND CPI NUMBERS ON WEDNESDAY, WPI ON FRIDAY.  2) U.S. ON THURSDAY WILL BE ANNOUNCING THE KEY RETAIL SALES DATA. 

(BANKNIFTY WEEK) Banknifty rallied from 10500 to 11300 when stochastic given positive cross over in week timeframe and now this week MACD about to give positive crossover. Sustaining above 11000 level will move towards 11600-11700 level. It will be weak only below 10900 .

(Banknifty weekly chart) Banknifty weekly chart stochastic given positive cross over and MACD yet to give. On upside 10900-10950 is the resistance and on downside 10500-10550 is the support.

(BANKNIFTY WEEKLY CHART) Banknifty is trading in downward channel and in weekly chart, MACD cross over dragged it to lower level of 9944 . Now on upside resistance is 10500-10580 zone and on downside support is 9900-9950 and below this level it may slip to 9500 . Banknifty is weak below 10430 level. For stock ideas visit:   http://justbankniftystock.blogspot.in/

In Last week update indicated about MACD crossover will bring more weakness and post trigger  banknifty slip to 10101 level and still no strength.  To Read:  http://justbanknifty.blogspot.in/2014/01/banknifty-weekly-update-rising-wedge.html In Daily update on 17th Jan 2014 indicated about break of Head and Shoulder pattern in day time frame will bring deeper correction towards 10000 level and the target achieved. To Read: http://justbanknifty.blogspot.in/2014/01/banknifty-daily-update-multiple.html On upside strong resistance around 10650-10750 zone and further weakness will continue only below 10000 level and if breaks than may slip to 9800--9600 level.

BANKNIFTY TRADES UPDATE  FOR Jan MONTH (*level given for spot price) : On 29th Jan 2014 : sell one lot future price @ 10615  booked   @10555 (29th Jan 2014) (Profit of 60 POINTS) TOTAL NET GAIN BOOKED IN THIS TRADE : 60 POINTS ============================== On 28th Jan 2014 : sell one lot future price @ 10370 Buy one lot of call option of 10700 @ 25 Bnf booked @ 10240 (30th Jan 2014) (Profit of 130 POINTS) call option booked   @45 (29th Jan 2014) (Profit of 20 POINTS) TOTAL NET GAIN BOOKED IN THIS TRADE : 150 POINTS ============================== On 20th Jan 2014 : sell one lot future price @ 11030 booked ...