Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, February 8, 2012

Reigning The Bank Nifty 8th February 2012

 Daily Chart

Daily Chart
Bank Nifty made a doji which closed the opening gap made in the morning.Covering of the upward gap is considered bearish as it shows selling pressure.The area that the bank nifty is trading in is a strong fibonacci resistance area as already discussed on Monday and shown in the first chart.Next target is 10512-10535.

Today's doji conveys hesitation - indecisiveness and is a sign of potential reversal.The stochastics and Rsi14 have not been able to make a higher high alongwith the price shpwing waning upward momentum.The rising wedge shown above in red is a bearish pattern too which has support at 10195-10292  for the day.
Continue with the uptrend with stops  now at 10065.

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Happy Trading !!
Lakshmi Ramachandran

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