Daily Chart
Daily Chart
Doji formed after the bullish breakout yesterday.The bullish candles made
in this rally shows buying interest after small periods of
consolidation.If the doji marks another day of consolidation and the
breakout from the channel is maintained the Bank Nifty will reach the target
of 11177.
The Bank Nifty unlike the Nifty is already trading above the 200 dema and the 5/200 dema too is in a buy making the trend mildly bullish.
Half Hourly Chart
The breakout from the support line of the rising wedge signifies a reaction to the upmove before the rally resumes.Daily stochstics turning down from overbought zone supports this view.
Strong support at 9800
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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