Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, May 3, 2012

Reigning The Bank Nifty 3rd May 2012

 Daily Chart

A bearish candle for the day resembling a shooting star indicating selling at higher levels.Not enough bull strength.
Oscillators showing mild strength and OBV making higher high higher low since low of 9940 showing a positive divergence.Look for breakout points 10490-10062 for clarity.

Half Hourly Chart

 Half hourly charts show recent action forming various bearish patterns. Resisted around the 50% retracement level, breakout from another bearish rising wedge while remaining below the support line of the previous larger rising wedge, a bearish head and shoulder pattern forming with neckline shown in red which is around the 10025 levels.
With the monthly charts indicating a breakout on the downside and a shooting star on the daily charts, looks like we need to observe these bearish patterns closely to cut longs/go short.If holds then we concentrate on the pennant breakout.

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Happy Trading !!
Lakshmi Ramachandran

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