Reigning The Bank Nifty - 17th June, 2011

Daily Chart

Daily Chart II

A gap down, follow up selling,  recovery and once again selling at the highs forming a doji which shows extreme indecisiveness.The downtrendline from 11056 was once again good resistance.The bias remains negative with a lower high lower low. The real body below the downtrending channel shown in chart II shows a break down. The action since last few days indicates a test of the 10340 and a possible breach to confirm the head and shoulder bearish pattern.

Till the breach happens a tough fight between the bulls and bears will continue.


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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com