Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, February 28, 2011

Reigning the Bank Nifty - 28th February 2011

Weekly Chart

Weekly Line Chart

Unable to sustain above the previous peak of 11256 though managed to break out intraday. As shown on the weekly line chart the bottom of 11386 held till now. This makes it an important level to watch.Rsi14 (>50  &  < 50 )  and Macd ( >0  &  <0 ) are good indicators showing strength and weakness.Till the Rsi 14 moves > 50 and Macd move >0 expect weakness to continue.

Daily Chart

The falling wedge on daily charts shown last week proved a false breakout.  The inverse head and shoulder may still be valid though the right shoulder has become disproportionately longer. Neckline now at 11311.

Support levels on break of 10017 marked on charts. 

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Happy Trading !!
Lakshmi Ramachandran

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