Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, March 15, 2011

Reigning the Bank Nifty - 15th March 2011

Daily Chart

A bullish engulfing candle .Friday's lows have held well and the Bank Nifty may have made a higher low at  10658 made last Monday. The close is once again above the 200 dema. The 50 & 200 dema are yet to give confirmation of the downtrend as they continue to be  bullishly aligned.The short term 5,10 & 20 demas are also bullishly aligned with one another.The 5 dema has crossed the 200 dema bullishly.

However the bearish green pennant needs to be nullified with a break on the upside. The green pennant has resistance at 11005 for tomorrrow and support at 10328.

The 50 dema offers resistance at 10902.

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Happy Trading !!
Lakshmi Ramachandran

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