Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, May 17, 2011

Reigning the Bank Nifty 17th May, 2011

 Daily Chart

Daily Chart II

An Inside day pattern after an Outside day pattern. The outside day pattern  came after a very short term downtrend and encompassed three day's trading range,indicating short term sentiment could change. However, today's Inside day shows the bulls have already exhausted themselves and the upside momentum has waned.

The pennant forming after a downtrend also indicates that the downtrend may resume after it breaks out from the pennant.

Trading below the 200 dema also shows weakness.All short term demas --5,10 and 20-- are bearishly aligned with each other and the 50 dema.

The fall from 11978 to 10677 took 9 days and the recovery from 10677 has already consumed 7 days  with just  40 % recovery. The technicals are therefore weakening once again indicating the fall may resume.Supports and resistances marked on the charts.

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Happy Trading !!
Lakshmi Ramachandran

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