Reigning The Bank Nifty 2nd January 2012

Yearly Chart

Yearly charts show good support at 7100-7000 levels.

Monthly Chart

Monthly charts have support at 7531.Only a break out from the down trending channel at 10090 will turn the bank nifty bullish.

Weekly Chart

Weekly Charts show a break down from the down trending channel. Support now at 7120-6872.The Inside pattern formed this week indicates a possible reversal.The weekly, monthly  and daily charts are oversold which supports this view.

Daily Chart

Falling wedge on daily charts. This is a bullish pattern.However wait till it breaks resistance line to go long.



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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com