Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Thursday, May 17, 2012

Reigning The Bank Nifty 17th May 2012

Daily Chart

 Half Hourly Chart

Daily charts show a hammer pattern formed as per the candlestick theory.This is a bullish pattern with confirmation necessary from the next day's candle with a minimum requirement of maintaining the low of the hammer. Oscillators too oversold on daily supporting the view.
On the half hourly charts the 5 and 20 ema have been desperately trying to maintain a buy  but have failed  and whipsawed several times.The 20 and 50 ema  have been in a sell for almost a 1250 point gain to the bears.A pullback is due soon and one needs to book partial profits on shorts.
Breaking out of the falling wedge and a close above the latest peak will be the first sign of a sustained pullback.

follow me on twitter!/lucksr

Happy Trading !!
Lakshmi Ramachandran

No comments: