Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, February 29, 2012

Reigning The Bank Nifty 29th February 2012

Daily Chart
A bullish harami occured. The pattern is composed of a two candle formation in a down-trending market. The body of the first candle is the same color as the current trend. The first body of the pattern is a long body, the second body is smaller. The open and the close occur inside the open and the close of the previous day. It's presence indicates that the trend is over.
 The longer the black candle and the white candle, the more forceful the reversal.The higher the white candle closes up on the black candle, the more convincing that a reversal has occurred despite the size of the white candle.The Bank Nifty has fulfilled both the characteristics indicating the rally may have resumed from yetserday's low at 10074.

Rsi14 has turned above the 50 mark , stochastics is about to give a buy in the oversold region and the 50 and 200 dema have given a buy since two days all of which supports the above view.


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Happy Trading !!
Lakshmi Ramachandran

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