Daily Chart
Daily Chart II
Friday's candle resisted exactly at 10815 as shown in the chart of my post, http://vipreetinvestments.blogspot.com/2011/06/reigning-bank-nifty-9th-june-2011_10.html . The trendline has been proving resistance since the last four trading sessions.The resistance from this trendline is now at 10783. Chart II shows the suspected pennant formation broke on the downside proving weakness . The 50 and 200 dema on the verge of doing a death cross once again. The short term emas, 5,10,20 are all under the 50 and 200 ema.
The green neckline has been broken once again showing more weakness to come.Support available at 10388 on the mauve coloured neckline and 10340 the previous low.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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