Reigning The Bank Nifty 16th July 2012

Weekly Chart I

Weekly Chart II

Daily Chart

Bearish Pointers:

• Doji on weekly charts and bearish engulfing pattern on daily charts.
• Down Trendline from November 2010 highs remains strong resistance on weekly charts.
• Daily oscillators showing weakness and weekly oscillators too have started peaking after making lower highs.

Bullish Pointers :

• Emas on weekly and daily charts bullishly aligned.
• Uptrendline for this rally from 9110 lows still holds.
• Bullish bias as explained in weekly chart II

Half Hourly Chart

 Bank Nifty seems to be taking a pause before continuing the upmove.The doji on weekly charts at important resistance of the downtrendline is bearish confirmed by the bearish engulfing pattern on daily charts.Oscillators too support a continuation of the pullback.

Bias is still bullish as explained by the weekly chart II and only a break below the uptrendline from 9110 will put the upmove in danger.

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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com