Market Trend Lab

(Banknifty Weekly chart) Banknifty after a breakout from a  triangle pattern  (Shown with blue line) and Positive crossover by  MACD   given a rally upto 12788 (till now). In earlier post we indicated about 'Bearish Gartley Pattern'  with target of  12800-13200 . Though triangle pattern breakout gives much higher target if sustains above 13400. On downside banknifty is having support near  12500  and below which it will slip to 12200 and  on upside resistance near  12850  and above which it may rally towards 13000+ level. NOTE:  1. RBI policy to be announced on 1st April 2014 i.e. on fool's day. expect market to be highly volatile.  2.  For stock ideas visit :  http://justbankniftystock.blogspot.in/

(BANKNIFTY WEEKLY CHART) Banknifty after a breakout from a  triangle pattern  (Shown with blue line) and Positive crossover by  MACD  going strong and heading to make new high. It seems that it is making 'Bearish Gartley Pattern' of which 'XA', 'AB' & 'BC' done and now it is in process to make 'CD' which take it to 12800-13200 . On downside banknifty is having support near 11800-12000 and on upside resistance near 12500 . Definition of 'Gartley Pattern': The above Gartley example shows an uptrend XA with a price reversal at A. Using Fibonacci ratios, the retracement AB should be 61.8% of the price range A minus X, as shown by line XB. At B, the price reverses again. Ideally, retracement BC should be between 61.8% and 78.6% of the AB price range, not the length of the lines, and is shown along the line AC. At C, the price again reverses with retracement CD between 127% and 161.8% of the range BC and is shown along the line...

(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/