Daily Chart
Half Hourly Chart
Bank Nifty made a higher high at 12572 resisting at the resistance line
of the rising wedge once agin.A doji was formed which shows lack of
conviction to continuing the upmove.The close was also below the
resistance line of the red flag shown on daily charts.
Half hourly charts too show a sideways move with support now at 12290-12338 intraday.Other fibonacci supports are marked.
Bank Nifty has been within a rising wedge. Rising wedges have a series of higher highs and higher lows which keeps the trend inherently bullish.However, the loss of upside momentum on each successive high gives the pattern its bearish bias.Bullish candles on huge volumes breaking above the resistance line are necessary to show conviction in the upmove.
The bias remains up but clearly the momentum on the upmove is missing.These are signs that the markets may be topping.Keep booking profits on the way up and be ready for a correction by hedging your long positions.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
Lakshmi Ramachandran
www.vipreetsafetrading.com
Disclaimer
All
the calls made in this section are based on my judgment and the information
available at the particular point of time. Adequate precaution has been taken
while writing the analysis. However, no responsibility is taken for the losses
or gains made through the analysis, either legally or otherwise. Readers are
advised that acting on the analysis is at their own risk. Stock Market trading
involves risk and is a high risk & high return business and I do not accept
any financial and/or legal responsibility arising from the use of the
information
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