Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Monday, May 9, 2011

Reigning the Bank Nifty 9th May,2011

 Weekly Chart

Weekly Charts have continued the downtrend with a lower high lower low candle . The uptrendline from 2009 lows was violated intraweek but the huge bullish candle on the last day of the week helped a close above it.Support on this trendline now comes at 10899.Crucial support at 9642 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

False breakout below the uptrendline from 10017 low . Friday's huge bullish candle has occured at oversold levels.So one needs to be careful as it may be a corrective move. Retraced 38.2% of fall from 11978. Resistance now at 50%-11330  and  61.8%-11478.

follow me on twitter!/lucksr

Happy Trading !!
Lakshmi Ramachandran

No comments: