Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, August 8, 2012

Reigning The Bank Nifty 8th August 2012

Daily Chart 

Half Hourly Chart 

The Bank Nifty continued moving up making a gap at open which was however filled today. The move has been sharp as shown by the uptrendline on half hourly charts.This makes it vulnerable to a support at 10316-10427 where also the 50% and 61.8%  retracement levels lie -- shown on chart above --  should prove good support. 

Daily charts show good support at 10293.If held could test the red neckline at 10838 to complete the right shoulder of the bullish inverted head and shoulder pattern which is forming.

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Happy Trading !!
Lakshmi Ramachandran 

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