Monthly Chart
A lower high candle was made which closed above the uptrendline from March 2009 lows.The support for the month on this trendline is at 10418.The low of the candle made a double bottom on the daily charts which is a bullish signal..The long lower shadow is encouraging showing buying at lower levels.However the range of 10017-11978 was not broken leaving the Bank Nifty in a limbo.
Support at 11418-10340-10017 and Resistance at 11458-11978.
Weekly Chart I
Weekly Chart II
Minor high of 11056 was crossed decisively on good volumes giving a target of 11772.Resistance at 11664 from support line of bear flag.Downtrendline from all time highs 13304 has reistance at 11500.
Chart I 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.
follow me on twitter http://twitter.com/#!/lucksr
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
No comments:
Post a Comment