Daily Chart
Daily Chart
Bank Nifty made a doji which closed the opening gap made in the
morning.Covering of the upward gap is considered bearish as it shows
selling pressure.The area that the bank nifty is trading in is a strong
fibonacci resistance area as already discussed on Monday and shown in the
first chart.Next target is 10512-10535.
Today's doji conveys hesitation - indecisiveness and is a sign of
potential
reversal.The stochastics and Rsi14 have not been able to make a higher
high alongwith the price shpwing waning upward momentum.The rising wedge
shown above in red is a bearish pattern too which has support at
10195-10292 for the day.
Continue with
the uptrend with stops now at 10065.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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