Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, January 24, 2011

Reigning the Bank Nifty - 24th January 2011



Weekly Chart




A marginal lower low was made for the week but good buying support at oversold levels found the Bank Nifty recouping a major part of last weeks losses.The flag formation is intact and resistance is at 11396  and support is at 9877. 


Daily Chart




Daily charts have been showing mild bullishness as I have been mentioning all week after the doji on Monday, 17th  January.Yesterday's bullish engulfing candle had a good enough follow up, scaling and closing above the 61.8% retracement of fall from 11161.Volumes were good and breadth 1.5:1.  Efforts are on to touch the resistance line of the flag which is at 11396 for the week. Hurdles are at 11161.

Resistance is at 11161-11649-11912   and  Support is at  10800-10725-10650-10584.


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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com

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