Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, February 13, 2012

Reigning The Bank Nifty 13th February 2012

Weekly Chart

Weekly Chart II

Resisted at crucial resistance of the 50% fibo level of fall from 13304. The 50% retracement level implies indecision.Therefore if the high made on Friday  at 10555 is not scaled we may safely assume that another leg down may have started. The stochastics has reached an extreme overbought position.With the Rsi14, which  measures the speed and change of price movements, still showing strength above the 50 level  the Bank Nifty may go into a sideways correction.The only dent made in the rally was at 9509 which makes it at an important support.

Daily Chart

Half Hourly Chart

Rising wedge forming as shown on half hourly chart.Doji on daily charts with a minor negative divergence on the OBV may lead to some pullback.However only a fall below 9509 will ring alarm bells on the continuation of the uptrend.

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Happy Trading !!
Lakshmi Ramachandran

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