The week's candle was a good bullish followup to the uptrend.Close was marginally above the down trendline and 50% fibonacci retracement of fall from 13304 to 7766 which is a positive.The 4/40 ema continue up in a bullish cross.The uptrending channel shown in red supports an upmove with the 4th leg up in progress.
Strong resistance now at 11188-11226.Oscillators are strong.With the stochastics reaching the overbought zone a pullback may be seen.
Barring thursday's bullish candle the entire week had dojis. Only positive was the continued higher high and lows made by the candles.Friday's candle was a doji with the breadth at 1:3 with only three stocks closing in the positive out of the 12 stocks in Bank Nifty.This shows a labored move up and till the 11226 peak is taken out one needs to be cautious on longs.Oscillators showing strength but are in the overbought region. Cautiously bullish would be the view.
Half Hourly Chart
Half hourly charts show the Bank Nifty in a clear short term uptrend.Oscillators continue to show negative divergence.Till support line at 10280 holds the bulls are safe.
follow me on twitter http://twitter.com/#!/lucksr
Happy Trading !!