Reigning the Bank Nifty - 21st January 2011

Daily Chart

On Monday I wrote,   A doji at support . This could have bullish implications conveying selling is drying up.Watch if tomorrow's candle is bullish. On Tuesday I wrote, Today's candle gapped up and held well  confirming a temporary bottom at the doji low of  10374.Yesterday I wrote, A nothing day with a doji candle. However a higher high and higher low were made.

Today's candle kept up the underlying bullishness and made a bullish engulfing candle which is bullish at bottoms.The candle was on very good volumes which gives more credence to the bullishness. The Bank Nifty is up till the low of today's candle at 10493 is held.

Resistance is at 10868-10907-11161.  Support  at 10761-10688-10630-10570.


 
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com