Market Trend Lab

(BANKNIFTY WEEKLY CHART) Banknifty after crossing the hurdle of 13400 made a high of 15742 and after this bull run its resting from last one month by trading in broad range of 14700--15600 levels. Now on downside it has made a good support around 14700 and above this level doors are open for 16000-16200 level. There is no weakness in trend. Note : U nion Budget 2014 is believed to be the next big trigger for Indian indices, which have been rallying for quite sometime now, is just around the corner. Market participants, locally and globally are closely watching team Modi’s maiden Budget scheduled on July 10.   NOTE:   FOR PAIR TRADING VISIT:   http://justbankniftystock.blogspot.in/

(BANKNIFTY WEEKLY CHART) In above weekly chart, one can see banknifty has made 'Bearish Butterfly Pattern" . This pattern gives target range of  level 14800 to 16500. It has made high of 15742 till date.  It is also facing long term trend line resistance near 15650-15700 . It will have strength only above 15700 to move towards 16500....21000 level too "if we really approach the good days ahead"... On downside it has good support around 14700-14500. BEARISH BUTTERFLY PATTERN:   here, the CD leg extends towards a 1.272 to 1.618  Fibonacci  extension of the XA leg. Note, that Fibonacci extension can  even be as far as 2.618 - but beyond that then the pattern is invalid. NOTE: FOR PAIR TRADING VISIT:   http://justbankniftystock.blogspot.in/

(BANKNIFTY WEEKLY CHART) On 15th April 2014, we indicated about breakout from inverse H&S pattern will target above 15000. http://justbanknifty.blogspot.in/2014/04/banknifty-weekly-update-slowly-and.html Now on downside support is near 14500 and upside immediate resistance is 15050 and 15400 . Its time to be cautious on higher level as it is trading at upper bollinger band. NOTE :  FOR PAIR TRADING VISIT :  http://justbankniftystock.blogspot.in/

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/