Market Trend Lab

CONGRATULATION TO BJP AND  MR. NARENDRA MODI (CM OF GUJARAT) India has won! We're approaching the good days...   lets enjoy some of the best quotes....

(BANKNIFTY WEEKLY CHART) Banknifty has broken out a triangle pattern and trading in a broad range of 12500-13000.  It is slowly and steadily breaking all the hurdles and moving higher. Still there is no weakness in trend. It is having hurdle near 13000 above which it can move to 13400 level Whereas on downside it is having support near 12550 and breaking of which it will slip to 12350-12250. (Banknifty Inverse H & S pattern) Banknifty has already given breakout from inverse H& S pattern which gives target above 15000 in short term to medium term. NOTE:   1.   For stock ideas visit :   http://justbankniftystock.blogspot.in/

Today's update of pair trade calls: SBI AND MARUTI : PROFIT 13000+ ITC AND CAIRN: PROFIT 4000 GMRINFRA AND IFCI : PROFIT 5800 FOR DETAIL NOW VISIT OUR SEPARATE BLOG FOR STOCKS : JUST STOCK IDEAS LINK :   http://justbankniftystock.blogspot.in/

(BANKNIFTY WEEKLY CHART) MACD  Positive crossover with  triangle pattern  (Shown with blue line)  breakout given a rally upto 12869 (till now). In earlier post we indicated about  'Bearish Gartley Pattern' of which CD will target 12800-13200 and it made high of 12869 and started correction , till now made low of 12430 . http://justbanknifty.blogspot.in/2014/03/banknifty-weekly-update-heading-to.html Now banknifty is in 'sell on rise' mode. Below 12480 it will be weak and may slip to   12250--12200 . on upside immediate resistance is 12635--12690.  Banknifty will have strength only above 12850-12870. NOTE:  1.   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   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 .