Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, July 14, 2011

Reigning The Bank Nifty 14th July 2011

 Daily Chart

 Daily Chart II

The expected pullback -- read post  --  happened with a gap up opening closing above 38.2% retracement level of fall from 11451 to 10941.

Bullish indications :

A higher high higher low candle was formed with the close at the highs. Stochastics has turned up in the oversold region. Rsi14 shows strength as it has turned up after taking support at the 50 level.A higher high at 11451 has been made. The 10017 level too was not breached and a higher low was made at 10340.A higher  low was once again made at 10941 yesterday. This is bullish and one shoulde be on the watch for a breach of 11451 to confirm the higher high higher low setup.

Bearish indications :

If 10941 is breached the weakness will resume. A rising wedge too seems to be forming as shown in chart II.

Supports and Resistance marked on charts.

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Happy Trading !!
Lakshmi Ramachandran

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