Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Monday, May 16, 2011

Reigning the Bank Nifty 16th May,2011

 Weekly Chart

The Weekly candle formed an Inside Day showing indecision.The upper and lower breakout points are 11543 and 10677. The red uptrendline from 2009 lows has been held once again on closing basis.Support on this trendline now comes at 10955.Crucial support at 9634 from where the next leg up  can start for  the flag pattern to take shape.The 38.2% retracement level of rise from 2009 low is around 9500.

 Daily Chart

Daily charts show the week's action mirrored the earlier week  but within a smaller range which is forming a pennant with resistance at 11170 and support at 10866.The right shoulder, of the head and shoulder bearish pattern with the green neckline, too may be forming. Crucial support on the neckline is at 10703.

follow me on twitter!/lucksr

Happy Trading !!
Lakshmi Ramachandran

No comments: