Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, September 19, 2011

Reigning The Bank Nifty 19th September 2011

 Weekly Chart

Two weeks of sideways action. Last week saw the bulls more active leading to a high of 9972 .This week the bears were active making a low of 9260.A broadening formation is the result which occurs during high volatility, having a huge range but  little direction.This normally results in a break in the dominant trend which at the moment is down.The pattern has  resisted at the 100 wema and the previous low around 10017 which are strong resistances to be crossed for an upmove.

Daily Chart

The breakout from the downtrendline failed once again.Till this happens expect lacklustre movemnet.The high of 9972 and 50 dema at 10092 will be stiff resistances.

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Happy Trading !!
Lakshmi Ramachandran

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