Weekly Chart
Bullish Indications : A white candle confirming last weeks hammer.The 40 and 100 wema bullish cross intact.Stochastics has given a buy before reaching the oversold level and Rsi14 too has turned up above the 50 level.Macd is above zero level.
Bearish Indications : Selling at the highs forming a long upper shadow to the week's candle.Trade below the red trendline.
Daily Chart
Daily Chart
Half Hourly Chart
Bullish Indications : All demas bullishly aligned once again.Flag formation still valid.Macd moving up.
Bearish Indications : A bearish island reversal pattern was formed where
there is a
gap on both sides of the candle. Island reversals frequently show up
after a trending move is in its final stages.This indicates that the
next leg down may have started.If breaks 9845 then another lower peak at
10502 will be registered and the downtrend may gain
momentum.Oscillators
stochastics and Rsi14 showing weakness too.
Half Hourly Chart
Potential bullish inverse head and shoulder pattern spottted. Fibonacci supports marked on the half hourly chart.
Conclusion
Weekly Chart
Weekly Chart
The Bank Nifty is in an uptrendhaving made a higher high at 13304 and a higher low at 7766.Only a break below 7766 will put the uptrend in danger.Having taken out the peak at 10080 and breaking out of the downtrendline drawn from November 2010 peak, the correction since November 2010 seems to be over.Scaling 11226 will register a higher low at 9845 and the short term trend for Bank Nifty will be in an uptrend too.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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