Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, June 7, 2011

Reigning the Bank Nifty 7th June, 2011

 Daily Chart

Daily Chart II

The Bank Nifty made a good recovery to close at the highs.The volumes were however extremely low making the recovery suspect. The bias  continues to remain negative with a lower high and lower low. As seen on both charts the 10377 levels would be an important level to watch on the downside.

Recovery efforts will see resistance at 10932-10972-10996-11056 which is the short term trendline breakout point, the 50 and 200 dema levels and the previous peak.The 38.2% fibo level shown on the first chart is at 10970. Crossing this cluster of resistances will bring in some upside momentum.

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Happy Trading !!
Lakshmi Ramachandran

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