Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, April 12, 2012

Reigning The Bank Nifty 12th April 2012

Daily Chat

An outside day pattern was formed which a signal for reversal.An outside day occurs when one day's high is higher than the previous day's high, and its low is lower than the previous day's low. If trades and closes above the high of the pattern at 10310 then a short term reversal would be in place.The gap down on the open was closed which is a positive.

Half Hourly Chart

The right shoulder could still be forming.On the other hand reaction from the 50% fibo level shows bulls lacking conviction.Till the green neckline and previous peak at 10502 is broken out it is advantage bears for the short term.

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Happy Trading !!
Lakshmi Ramachandran

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