Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, June 29, 2012

Reigning The Bank Nifty 29th June 2012

 Daily Chart

 Resisted once again at the redrawn down trendline from 11226.Resistance now at 10078.Pennant formation shown yesterday was broken down thus invalidated.The upward moving channel comes into fore.
Today's spinning top was on very high volumes with a negative close thus making the OBV dip down sharply.This is a negative but it would be prudent to wait for some more signals before starting to get bearish.
Oscillators too showing weakness.

Half Hourly Chart

Half hourly charts shows the inverse head and shoulder pattern still valid.The red triangle formed by this week's action shows indecision and the tug of war result unpredictable.Trade light till the direction is more clear

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Happy Trading !!
Lakshmi Ramachandran

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