Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, July 16, 2012

Reigning The Bank Nifty 16th July 2012

Weekly Chart I

Weekly Chart II

Daily Chart

Bearish Pointers:
  • Doji on weekly charts and bearish engulfing pattern on daily charts.
  • Down Trendline from November 2010 highs remains strong resistance on weekly charts.
  • Daily oscillators showing weakness and weekly oscillators too have started peaking after making lower highs.
Bullish Pointers :
  • Emas on weekly and daily charts bullishly aligned.
  • Uptrendline for this rally from 9110 lows still holds.
  • Bullish bias as explained in weekly chart II

Half Hourly Chart

 Bank Nifty seems to be taking a pause before continuing the upmove.The doji on weekly charts at important resistance of the downtrendline is bearish confirmed by the bearish engulfing pattern on daily charts.Oscillators too support a continuation of the pullback.

Bias is still bullish as explained by the weekly chart II and only a break below the uptrendline from 9110 will put the upmove in danger.

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Happy Trading !!
Lakshmi Ramachandran

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