Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, January 5, 2011

Reigning the Bank Nifty - 5th January 2011

 Daily Chart

Yesterday I wrote " Tomorrows candle should be bearish taking price to at least below the mid point of the fisrt day's white candle. Let's  see if the bearish pattern confirms or the bank nifty bulls succeed in taking it above the high of the doji start at 11912 ".  

The bearish evening star has been confirmed with the bank nifty closing below the breakout point of 11634.The close also broke below the uptrendline from lows of 10978. Till the top of 11912 is taken out bears will dominate.

Supports are at 11392-11074. Resistance at  11634-11687-11730.

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Happy Trading !!
Lakshmi Ramachandran

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