Yearly charts show bullishness with new highs this year. Rise in 2009 was on extremely high volumes. The follow up buying in 2010 is not on very impressive volumes but a higher high and higher low says it all.The bank nifty is in a bullish mode.
Monthly charts show the uptrendline being held well on reactions. Support is at 11505.All oscillators are in the overbought region with the Rsi 14 showing a negative divergence. This call for some more cooling off and some more fall or sideways correction may continue.
Weekly has shown a breakout from the falling wedge which now alongwith the uptrendlinehas support at 11525. Stochastics has turned up from oversold levels, Rsi14 and Macd have turned up from good support levels showing strength.
Daily too shows the breakout . Oscillators too are showing strength. Resistances shown on the charts.
The Bank Nifty has outperformed the Nifty and has made new highs. Till the breakout at 10775 is held the dips should be assumed to be consolidation and dips be bought.
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