Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, April 27, 2011

Reigning the Bank Nifty 27th April,2011

 Daily Chart

Price moved down as anticipated yesterday forming a hanging man. This portends trend exhaustion. The hanging man is a bearish candlestick showing that sellers are active and could push down prices during the day. . The longer the lower shadow the more potent the pattern. The megaphone pattern seems to be playing out it's bearishness.Negatvie divergences on all daily oscillators support this bearishness.

Supports and resistances marked on the chart.

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Happy Trading !!
Lakshmi Ramachandran

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