Weekly Chart II
The downtrendline from 13034 and the uptrendline from March 2009 lows conjoined to form stiff resistance this week and the run up from 10340 was stalled with a small ranged bearish candle.Volumes were extremely poor. The double bottom target of 11772 is still on cards.
The bearish target of 7817 too is valid till the bank nifty does not negate it by closing within the bear flag once again. ( a little redrawing of trendlines changed the target from 7725 shown in last week's post -- http://vipreetinvestments.blogspot.com/2011/07/reigning-bank-nifty-update-2nd-july.html ) . Resistance from the bear flag at 11660.
Stochastics has reached the overbought zone. The Rsi14 and Macd are hovering around their mid point showing that the move does not have much strength.Till 11978 is crossed bears will be actively wrestling with bulls to regain supremacy.
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