Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, June 24, 2011

Reigning The Bank Nifty Weekly Update 25th June, 2011

Weekly Chart

An "outside day" pattern occured closing at the highest high in the last five weeks.This week's candle also formed a bullish engulfing pattern.This indicates bullishness.Breakout from the downtrendline drawn from high of 11978  adds to the bullishness.The 100 wema which is a  good support during uptrends is still unviolated giving support at 10020 for the coming week.

10432 has held well since January 2011 and should be considered the  trend decider.Uptrendline from low of 10017 has support for the coming week is  exactly at10432.

 A potential double bottom at 10340 awaits the scaling of 11056 for confirmation giving a target of 11772.

Weekly Chart II

Chart II shows the bear flag target of 7725 still valid. 

Bullishness seems to be emerging but till the bear flag pattern is invalidated staying light would be prudent.

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Happy Trading !!
Lakshmi Ramachandran

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