Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, September 24, 2012

Reigning The Bank Nifty 24th September 2012

Weekly Chart

Daily Chart

The Bank Nifty crossed it's 52 week high and closed above it on high volumes after breaking out of the pennant shown yesterday on half hourly charts.OBV has crossed it's all time highs indicating Bank Nifty could do so too.
Weekly stochastics and Macd have failed to reach their respective highs made in February 2012.Rsi14 has crossed it showing strength in the move.Daily and half hourly oscillators are showing negative divergence too.
 Immediate resistances are from previous peaks at 11451 and 11978.The 76.4% retracement level of fall from all time highs to December 2011 lows is at 11997 making it tough resistance.
The divergences and resistance may bring in some pullback which should be used to enter the Bank Nifty.

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Happy Trading !!
Lakshmi Ramachandran

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