Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, April 4, 2011

Reigning the Bank Nifty 4th April 2011

 Weekly Chart

The week's candle has a long upper shadow indicating selling at the resistance of 11912.The candle however made a higher high and higher low on increased volumes. Macd has given a buy and other oscillators have moved above the 50 mark. The upward sloping channel has resistance at 11967 and support at 10900.

Daily Chart

Yesterday's outside day played out it's bearishness with a bearish lower high lower low candle.The trend is bullish with all the emas trending upwards in bullish alignment.If this is the classic test of the  trendline from which the breakout occured then support at 11368 should hold else a host of ema supports available till 10892 support of the 200 dema.This support coincides with the weekly channel support.

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Happy Trading !!
Lakshmi Ramachandran

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