Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, July 13, 2011

Reigning The Bank Nifty 13th July 2011

 Daily Chart

Follow up bearishness with a gap down .The right shoulder of the bearish head and shoulder pattern continues to form.

However, the candle formed a doji leaving the bears  a little confused.The long upper and lower shadows shows the extent of confusion.The fact that the gap was filled increases the possibility of a change in sentiment from bearish to bullish.Close above the 50 and 200 dema after violating them intraday is a positive too.Close too was at the 38.2% fibo level after retracing almost 50% of the rise.Stochastics too has reached the oversold level indicating a pullback may be coming.

Supports now at 10941-10898-10764  Resistance at  11063-11135-11200-11256.

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Happy Trading !!
Lakshmi Ramachandran

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