Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, February 1, 2012

Reigning The Bank Nifty 1st February 2012

 Monthly Chart

Bullish monthly candle on good volumes closing above the 12 ema and marginally above the 38.2% retaracemnet level of the entire fall.This is bullish. Breaking and closing above the downtrendling channel which has resistance at 9848 and above the peak of 10080 is required to confirm resumption of the uptrend.Oscillators Rsi14 has moved above the 50 level and stochastics has given a buy in the oversold region indicating more upsides.

Daily Chart

The daily chart shows a bullish candle which closed the gap made yetserday. This is a bullish sign.The 5 dema has once again given a bullish crossover with the 200 dema and the bank nifty too has closed above the 200 dema.Strong resistances at 10017-10080-10208.
Stop loss for shorts at 10080 and 9491 for longs.
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Happy Trading !!
Lakshmi Ramachandran

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