Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, July 6, 2012

Reigning The Bank Nifty 6th July 2012

Daily Chart 

Finally a bullish candle reiterating the fact that we are in a bullish trend. Daily emas are all bullishly aligned . A break of previous peak of 11226 is required to speed up momentum.Chart below shows the Bank Nifty spot on the down trendline joining the November 2010 highs with peak at 11226. Close above 11630 today would give a breakout above this trendline too.

A weekly close above 10658 would be bullish.

Daily Chart

Half Hourly Chart

Yesterday I had shown a pennant formation which is a continuation pattern.The Bank Nifty continued up as per the pattern.The breakout from the pennant could see the Bank Nifty targetting 11000 and above.

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Happy Trading !!
Lakshmi Ramachandran

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