Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Saturday, July 23, 2011

Reigning The Bank Nifty Weekly Update 23rd July 201

Weekly Chart I

 Weekly Chart II

Another week of sideways movement forming  a doji. The  close  was within the pennant after breaking it intra week. The downtrendline from 13304 proved resistance yet again.Resistance for the coming week is at 11272.

As mentioned last week,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  gives a target of 8100.Support line of the pennant is at 11196 for the week.The green fan line shows the possibility of  melting down to the third line which has support at 10016.

Supports are at 11272-11196-10646-10420  Resistance at 10388-11451-11675

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Happy Trading !!
Lakshmi Ramachandran

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