Reigning The Nifty Through Technical Analysis

Thursday, June 21, 2012

Reigning The Bank Nifty 21st June 2012

Daily Chart

Daily charts show Bank Nifty moving in an upward sloping channel and may be on a leg up having taken support yesterday at the lower end.

Half hourly charts show the same after drawing the red dashed uptrendline.The rising wedge breakout is still valid.A cup and handle formation can be seen with neckline at 9876.Breakout will give a target of 10133.

Half Hourly Chart

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Lakshmi Ramachandran
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Wednesday, June 20, 2012

S&P500 20th June 2012

Daily Chart

Retraced 61.8% of the fall from 1422.Target of 1402 seems achievable.

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Lakshmi Ramachandran
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Reigning The Nifty 20th June 2012

Daily Chart

Confused markets as shown by the broadening patterns on the chart below. This volatility is due to the various news flow which is looked up to keenly by market participants.
The Nifty has however managed to keep above the downtrendline from 5629 and inspite of the bearish engulfing pattern made yesterday and the breaking out of the rising wedge, failed to follow up with more bearishness.
200 dema at 5147 remains the first hurdle which needs to be crossed for the upmove to resume.Else the bearish target of the rising wedge is achievable.

Daily Chart