Reigning the Bank Nifty 2nd July , 2011

Daily Chart

  "The stochastics has reached overbought zone which may bring in some pullback to the rise from 10340". After an initial rise the bank nifty consolidated for most of the day  in a sideways mode closing just 12 points up.

The 50% fibo level of the last leg fall from 11978-10340  is at 11164  and 61.8% at 11357. Bear flag support line which is now resistance is at 11218 which coincides with an earlier minor peak at 11213.The short term uptrend is very much on.Watch out if pullback goes below 10340.


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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com