Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, August 31, 2012

Reigning The Bank Nifty 31st August 2012

Daily Chart

  Half Hourly Chart

The fall continued with a gap open but recovered soon enough to form a bullish engulfing pattern as Candle Chart Analysis and an Outside Day pattern as per Western Technical Analysis. Both patterns convey a drying up of the selling and a possible reversal of the downtrend.
Support on the blue trendline too held supporting a recovery.Daily stochastics has given a buy in the oversold one and intraday oscillators are showing strength after giving positive divergences.
 Resistance at 10133-10190-10260-10330.

Good support at 9909-9888-9834 .

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Happy Trading !!
Lakshmi Ramachandran

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