Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Saturday, July 16, 2011

Reigning The Bank Nifty Weekly Update 16th July 2011

 Weekly Chart

The Bank Nifty made a lower high lower low candle exuding bearishness. The formation of a pennant right after the break down from a bear flag strengthens the bearishness.Both are continuation patterns indicating the downtrend will resume.

The bear flag ( I have redrawn the trendlines) gives a target of 8100.Support line of the pennant is at 11141 for the week.If broken the pennant gives a target of 8702.

Chart II

Chart II shows important support at 10411 and resistance at 11348. Break of this resistance or support will be the trend decider.Stochastics is in the overbought zone.

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Happy Trading !!
Lakshmi Ramachandran

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