Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, May 15, 2012

Reigning The Bank Nifty 15th May 2012

Daily Chart

Daily Line Chart

Half Hourly Chart

Bearish engulfing pattern on daily charts.This could well be a bullish signal as it has occured after a substantial fall. A bearish engulfing pattern after an extended down trend  represents the bears final attempt to drive the market price lower. If one is short and a Last Engulfing Bearish pattern forms, one should identify a protective stop level near the highs of the Last Engulfing Bearish pattern to protect any profit in the trade. Positive divergence on half hourly oscillators and oversold daily oscillators support this view.

Daily Line Chart shows the bank Nifty could test the lower end of the range at around 7800.Sell on rises.

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Happy Trading !!
Lakshmi Ramachandran

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