Reigning The Bank Nifty 26th September 2011

 Weekly Chart

Last week the broadening formation forewarned rightly of a resumption of the downtrend. The low of the previous week and the uptrendline from lows of 8917 acted as good support.This uptrendline redrawn to encompass the week's low has support at 9375.If held then an upleg of the broadening formation may form.

Resistance from the 100 wema is at 10044.

Daily Chart

 
The daily chart shows a clear break below the expanding formation.A double top at 9972 - 9962 will be confirmed of the previous low of 9260 is broken. Holding the low will see the bulls make another push at 9972 finding resistance at  9450-9547-9628-9700. Support at 9260-8917.




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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com