Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Saturday, June 11, 2011

Reigning the Bank Nifty Weekly Update - 11th June, 2011

 Weekly Chart

Weekly Chart II

Negatives :

  • Sideways trading continued this week too.
  • A lower high and lower low candle with the close below last week's close.
  • The fall from 11978 to 10340 was able to recover just about 40% and seems to have resumed the fall.
  • Volumes extremely low and breadth negative.
  • Trade below the uptrendline from March 2009 for the fourth week.

Positives :

  • Low of 10340 made on week ended 27th May held.
  • Low of 10017 made on  11th Feb still not violated keeping the medium term trend UP.
  • 100 wema which is a  good support during uptrends is still unviolated.

Negative pointers tell us a correction of the rally from March 2009 is on. The positive ones too support this view. Till the positive points are violated, the possibility of the uptrend  resuming remain.

A move above 11056 or below 10340  is needed to set the momentum up or down.

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Happy Trading !!
Lakshmi Ramachandran

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