Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Tuesday, February 1, 2011

Reigning The Bank Nifty - 1st February 2011

Monthly Chart

Decisively closed below  uptrendline and 2008 peak signalling continued bearishness possible.Good support at 9500 which is the 38.2% retracement level and has been a resistance and support level between October 2009 and July 2010 as can be seen on the chart.Solid support at 8300, the 50% retracement level and support from october 2009 to february 2010

Daily Chart

White candle but with a lower high and lower low . Low of 10373 maintained.  Longs can be initiated with 10373 as stop loss.

follow me on twitter!/lucksr

Happy Trading !!
Lakshmi Ramachandran

No comments: