Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, June 22, 2011

Reigning The Bank Nifty - 22nd June, 2011

Daily Chart

Yesterday I wrote " The Inside day pattern mentioned in yesterday's post ,, has given a downward breakout indicating the bears may win ".  The bears did win as the bulls could not get control at the highs of 10645 today and the bears pushed prices down to close with a loss of 25 points inspite of registering a higher high and higher low.

Today's trading did not help the crossroads puzzle. So I repeat -- Holding or breaking of 10340  to decide the immediate trend.If 10340 holds then 11056 will need to be crosed to confirm the double bottom made at 10340 with a target of  11772. If breaks then the head and shoulder target of 8721 could be achieved.

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Happy Trading !!
Lakshmi Ramachandran

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