Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, June 21, 2011

Reigning The Bank Nifty - 21st June, 2011

 Daily Chart

The long awaited completion of the right shoulder of the bearish head and shoulder pattern happened and broke below the neckline too but did not last long. The bounce was swift and the close much above the neckline. The volumes though was just average.A potential double bottom made at 10340.

Crossroad   at  10340 - 10017 . Holding or breaking the level  to decide the immediate trend.If 10340 holds then 11056 will need to be crosed to confirm the double bottom with a target of  11772. If breaks then the head and shoulder target of 8721 could be achieved.

The Inside day pattern mentioned in yesterday's post ,, has given a downward breakout indicating the bears may win.

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Happy Trading !!
Lakshmi Ramachandran

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