Monthly Chart
Bullish monthly candle on good volumes closing above the 12 ema and
marginally above the 38.2% retaracemnet level of the entire fall.This is
bullish. Breaking and closing above the downtrendling channel which has
resistance at 9848 and above the peak of 10080 is required to confirm
resumption of the uptrend.Oscillators Rsi14 has moved above the 50 level
and stochastics has given a buy in the oversold region indicating more
upsides.
Daily Chart
The daily chart shows a bullish candle which closed the gap made
yetserday. This is a bullish sign.The 5 dema has once again given a
bullish crossover with the 200 dema and the bank nifty too has closed
above the 200 dema.Strong resistances at 10017-10080-10208.
Stop loss for shorts at 10080 and 9491 for longs.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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