Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, April 9, 2012

Reigning The Bank Nifty 9th April 2012

Weekly Chart

Bullish Indications : A white candle confirming last weeks hammer.The 40 and 100 wema bullish cross intact.Stochastics has given a buy before reaching the oversold level and Rsi14 too has turned up above the 50 level.Macd is above zero level.
Bearish Indications : Selling at the highs forming a long upper shadow to the week's candle.Trade below the red trendline.

Daily Chart

 Daily Chart

Bullish Indications : All demas bullishly aligned once again.Flag formation still valid.Macd moving up.
Bearish Indications : A bearish island reversal pattern was formed where there is a gap on both sides of the candle. Island reversals frequently show up after a trending move is in its final stages.This indicates that the next leg down may have started.If breaks 9845 then another lower peak at 10502 will be registered and the downtrend may gain momentum.Oscillators stochastics and Rsi14 showing weakness too.

 Half Hourly Chart

Potential bullish inverse head and shoulder pattern spottted. Fibonacci supports marked on the half hourly chart.

Weekly Chart

 The Bank Nifty is in an uptrendhaving made a higher high at 13304 and a higher low at 7766.Only a break below 7766 will put the uptrend in danger.Having taken out the peak at 10080 and breaking out of the downtrendline drawn from November 2010 peak, the correction since November 2010 seems to be over.Scaling 11226 will register a higher low at 9845 and the short term trend for Bank Nifty will be in an  uptrend too.

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Happy Trading !!
Lakshmi Ramachandran

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