Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, February 10, 2012

Reigning The Bank Nifty 10th February 2012


Daily Chart
I had pointed out sometime back that the red expanding triangle is a reversal pattern.Today the Bank Nifty has been successful in breaking out from the pattern.The downtrendline from November 2010 highs and 200 dema has already been broken bullishly and this breakout is an extra confirmation of bullishness.The 20 dema too has crossed the 200 dema bullishly.The 161.8% fibo level of fall from 9273-7766 at 10208 has also been scaled decisively.Targets now at 11451-11718.Immediate resistances at 10656-10906.

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Happy Trading !!
Lakshmi Ramachandran

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