Monthly Chart
Bullish Indications : Bullish breakout from the downtrending channel
on increased volumes. Rsi14 and stochastics have moved above the 50
mark. Macd has given an uptick above the zero line.Close for the month
is above the 12 month ema.
Bearish Indications : Resisted at the 61.8% fibo level of the fall from 13304 to 7766.
Daily Chart
Bullish Indications :All demas bullishly aligned.Uptrendline for this rally maintained.Rsi14 above 50 mark. Stochastcis given a buy in the oversold region.
Bearish Indications : The Bank Nifty is moving in a rising wedge and seems to be forming the next leg up.Rising wedges are bearish patterns which usually come at the end of an uptrend.Macd continued to give a downtick.
Monthly charts have turned bullish.The daily charts are in correction mode to the short term uptrend.The rising wedge normally touches the resistance line thrice so we may have one more leg up.However if the low made at 10073 gives then the correction may resume.Only a move below 9500 will put the uptrend from 7766 in danger.
Bearish Indications : Resisted at the 61.8% fibo level of the fall from 13304 to 7766.
Daily Chart
Bullish Indications :All demas bullishly aligned.Uptrendline for this rally maintained.Rsi14 above 50 mark. Stochastcis given a buy in the oversold region.
Bearish Indications : The Bank Nifty is moving in a rising wedge and seems to be forming the next leg up.Rising wedges are bearish patterns which usually come at the end of an uptrend.Macd continued to give a downtick.
Monthly charts have turned bullish.The daily charts are in correction mode to the short term uptrend.The rising wedge normally touches the resistance line thrice so we may have one more leg up.However if the low made at 10073 gives then the correction may resume.Only a move below 9500 will put the uptrend from 7766 in danger.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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