Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, August 16, 2012

Reigning The Bank Nifty 16th August 2012

Daily Chart

Half Hourly Chart

Breakout from important downtrendline joining 2010 peak 13304 to 2012 peak at 11226. This has failed before so one needs to wait for a confirmation of  closing above the 10782 high made on the first such breakout.Triangle breakout too is pending with resistance at 10614. 

Half hourly charts show a smaller triangle which show chances of the fourth leg down forming with Bank Nifty showing signs of tiring out at the 61.8% retracement level of the previous leg.
Supports are at 10300-10056. Only a break below this will bring in weakness.

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Happy Trading !!
Lakshmi Ramachandran 

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