Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, May 18, 2012

Reigning The Bank Nifty 18th May 2012

Daily Chart

Half Hourly Chart

An inverted hammer after a hammer maintaining the low of the hammer.Yesterday's downward gap too closed.Both are bullish patterns and with the Bank Nifty oversold on daily charts we may expect the pullback to materialise.However the pullback could be weak as the Bank Nifty could not even sustain the 23.6% retracement level and did not even attempt to scale the last peak at 9361 thus making a lower peak at 9328.The 5/20 got whipsawed again.Only a move and close  above 9361 can get the bulls to stage a pullback.

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Happy Trading !!
Lakshmi Ramachandran

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