Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, August 3, 2012

Reigning The Bank Nifty 3rd August 2012

Daily Chart 

Half Hourly Chart 

The Bank Nifty made a Harami pattern.Yesterday's Inside day pattern failed to breakout.
As per the characteristic of the pattern, a large, real body clear candle was made immediately preceding the harami candle. This candle showed the bulls to be fully in control. However,the next day, that is today,  a small real body candle appeared within the larger real body of yesterday's candle. This is the harami candle. The lower high lower low of the harami candle, the failure to test the gap resistance at 10402-10482, and the hesitation at the 50% retracement level of the recent fall from 10782 to 10056 increases the bearishness of the Harami pattern.

Tomorrow's candle needs to be watched keenly to guage whether  the short term rally has indeed changed direction.

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Happy Trading !!
Lakshmi Ramachandran

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