Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, June 13, 2012

Reigning The Bank Nifty 13th June 2012

 Daily Chart

Half Hourly Chart

Positives were the 5/200 dema has also given a buy.A bullish engulfing candle made at strong resistance of the downtrendline from 11226 and a close above it.As explained in various posts earlier the bullish engulfing candle needs a follow up tomorrow as it could be the last attempt by the  "hopeful" bulls who are buying once more at the top. This signals that the trend is about to end while the "left outs" are still buying the wrong way..

Negatives were the range on the upper side remained the same thus making a potential double top for the very short term.The break below the  uptrendline from 9110 could not be rectified

Half Hourly Chart

Till 9810 is not broken the rally has good chances of continuing.The rising channel shown on the chart above is too steep and may lead to some sideways movement.Watch out for a breakdown from it's support line !

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Happy Trading !!
Lakshmi Ramachandran

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