Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, July 10, 2012

Reigning The Bank Nifty 10th July 2012

Daily Chart 

 The candle pattern formed in the last three days resembles an evening star pattern which is very bearish.The gap down open increases the bearishness.The last time this pattern occured on 13th June a 200 point fall ensued which recovered quickly.This showed a bullish bias.The support at 10307 needs to be held to keep the upward momentum intact.
Stochastics and Rsi14 have turned down from the overbought region indicating the pullback may continue.

Half Hourly Chart 

A pennant formation seen which indicates uptrend to continue.Till 10278-10318 holds the uptrend is intact.

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Happy Trading !!
Lakshmi Ramachandran

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