Weekly Chart
Daily Chart
Half Hourly Chart
Bank Nifty may have started a pullback after the heady upmove from 9814.The long upper shadow on weekly candle shows evidence of the same.
The "outside day" formed on daily charts could be signalling a reversal.An outside day is when the day's candle completely encompasses the previous day's candle. It must have a higher high than the previous day and a lower low than the previous day.The big range of the outside day and the previous day conveys more emphatically that a trend change may be round the corner.
The rising wedge shown on daily charts and the negative divergence which continues on OBV increases the possibility.
Break of the rising wedge should see the gap area of 10643-10797 being tested.So long as this gap holds the uptrend will be intact.
11292-11316 level should prove good support as marked on half hourly charts.Only a move above the high made at 11745 will negate the mild bearishness which has set in.
Bank Nifty may have started a pullback after the heady upmove from 9814.The long upper shadow on weekly candle shows evidence of the same.
The "outside day" formed on daily charts could be signalling a reversal.An outside day is when the day's candle completely encompasses the previous day's candle. It must have a higher high than the previous day and a lower low than the previous day.The big range of the outside day and the previous day conveys more emphatically that a trend change may be round the corner.
The rising wedge shown on daily charts and the negative divergence which continues on OBV increases the possibility.
Break of the rising wedge should see the gap area of 10643-10797 being tested.So long as this gap holds the uptrend will be intact.
11292-11316 level should prove good support as marked on half hourly charts.Only a move above the high made at 11745 will negate the mild bearishness which has set in.
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Lakshmi Ramachandran
www.vipreetsafetrading.com
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