Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, March 7, 2011

Reigning the Bank Nifty - 7th March 2011

 Weekly Chart

Weekly charts show 10432, shown in pink,  as a solid support on closing basis since last 8 weeks. 10950 is the resistance on a closing basis depicted by the green dotted line which is also the 23.6% retracement level of rise from March 2009 lows.The Bank Nifty has closed marginally above this range at 10963.A breakout from the equilateral triangle too has occured  giving a target of  12150.

Daily Chart

A  bearish candle, very nearly a shooting star, at resistance. Staying above 11111 will help shrug this bearishness.The red neckline may prove strong resistance at 11328. Support from 200 dema at 10851.

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Happy Trading !!
Lakshmi Ramachandran

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