Reigning the Bank Nifty - 18th March 2011

Daily Chart I

Daily Chart II

Resisted at the green triangle  and made a shooting star which is bearish.  The fall from 11300 to 10169 which took just six sessions is yet to be retraced after 14 sessions! This shows lack of buying strength.  The triangle breakout is losing it's relevance . OBV is trending down again.

Close  above the 200 dema but below the 50 dema. The 50 dema continues to be bullishly aligned with the 200 dema. The 5,10 and 20 dema too are bullishly aligned with each other.

I would look for a close above 11300  for further upmove.



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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com