Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, April 18, 2012

Reigning The Bank Nifty 18th April 2012

Daily Chart

Half Hourly Chart

Bank Nifty brokeout from the flag pattern and the neckline of the inverse head and shoulder pattern shown yesterday and closed above it.This is bullish and indicates the uptrend is resuming.However the candle formed is a doji which shows that bears were nearly as active leaving some ambiguity about the breakout.This requires us to watch tomorrows candle to see whether the breakout was for real.

The OBV which is showing lot of buying strength has moved above the peak corresponding with Bank Nifty's 10912, Oscillators showing strength, Macd given an uptick and moved above zero line, all demas bullishly aligned  are  indicating the breakout will be vindicated.

Half hourly Charts show 10588 strong resistance to be crossed.

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Happy Trading !!
Lakshmi Ramachandran

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