Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, March 12, 2012

Reigning The Bank Nifty 12th March 2012



 Weekly Chart



Bullish Indications : Classic retest of the downtrendline from Novemebr 2010 highs.Bounced from the 40 wema and 38.2 % fibo level making a long lower shadow showing buying at lower levels.40 and 100 wema given the golden cross once again. Macd continues to give an uptick and Rsi14 too given an uptick once again.

Bearish Indications : Lower high lower low candle.Stochastics moving down in sell mode.Volumes low on the bounce.


Daily Chart




Daily Chart II




Bullish Indications : Close above 20 dema. Bounce from the 50 & 200 dema.The breakout from the down trending channel since November 2012 intact.The golden cross of the 50 and 200 dema intact.Gapped up on Friday  and closed above it too.Flag pattern given a bullish breakout.Stochastics has given a positive divergence in the oversold level and Rsi14 started moving up above the 50 mark.

Bearish Indications :  The short term averages 5 & 20 dema still in a sell.




The bounce before reaching the 38.2 % fibo level of the entire rise from 7766 and flag breakout shows bullishness.Buy on dips.


 
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com

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