Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, September 12, 2011

Reigning The Bank Nifty 12th September 2011

 Weekly Chart

Daily Chart

The Bank Nifty made an indecisive candle on the weekly charts with a small body and long shadows.The higher high higher low was maintained keeping the bias positive.The daily though got bearish with Friday's candle forming an outside day with a full black candle which closed below the breakout point at 9707.

The rising wedge support line is at 9704 and the resistance line is at 10035.Break of either level should show further direction.Weekly support is at 9465 and resistance at 10003

Weekly oscillators are all moving up from oversold levels indicating a possible sideways movement with an upward bias. The daily stochastics has moved down in sell mode from overbought levels and the Rsi 14 has turned down from the 50 level indicating the correction to the recent upmove may continue.

Supports at 9580-9440-9325.  Resistance at 9851-9972-10170

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Happy Trading !!
Lakshmi Ramachandran

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