Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, June 20, 2011

Reigning The Bank Nifty 20th June 2011

 Daily Chart

An Inside Day occured making the short term direction dependent on the breakout of either the high or low of  the previous candle which is at 10706-10502. The downtrendline from the April 2011 peak has been difficult to cross with two unsuccessful breakouts. Resistance on this trendline at 10609.Neckline support is at 10398.
Low volumes on the formation of the right shoulder makes the head and shoulder breakdown suspect.Wait for a decisive break on above average volumes before going aggressively short.

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Happy Trading !!
Lakshmi Ramachandran

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