Weekly Chart
Weekly Chart II
Resisted at crucial resistance of the 50% fibo level of fall from 13304. The 50% retracement level implies indecision.Therefore if the high made on Friday at 10555 is not scaled we may safely assume that another leg down may have started. The stochastics has reached an extreme overbought position.With the Rsi14, which measures the speed and change of price movements, still showing strength above the 50 level the Bank Nifty may go into a sideways correction.The only dent made in the rally was at 9509 which makes it at an important support.
Daily Chart
Half Hourly Chart
Rising wedge forming as shown on half hourly chart.Doji on daily charts with a minor negative divergence on the OBV may lead to some pullback.However only a fall below 9509 will ring alarm bells on the continuation of the uptrend.
Weekly Chart II
Resisted at crucial resistance of the 50% fibo level of fall from 13304. The 50% retracement level implies indecision.Therefore if the high made on Friday at 10555 is not scaled we may safely assume that another leg down may have started. The stochastics has reached an extreme overbought position.With the Rsi14, which measures the speed and change of price movements, still showing strength above the 50 level the Bank Nifty may go into a sideways correction.The only dent made in the rally was at 9509 which makes it at an important support.
Daily Chart
Half Hourly Chart
Rising wedge forming as shown on half hourly chart.Doji on daily charts with a minor negative divergence on the OBV may lead to some pullback.However only a fall below 9509 will ring alarm bells on the continuation of the uptrend.
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Lakshmi Ramachandran
www.vipreetsafetrading.com
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