Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, September 3, 2012

Reigning The Bank Nifty 3rd September 2012

Weekly Chart 

Bearish weekly candle closing below the previous swing low of 10056.This opens up possibilities of further weakness.The third leg up of a  flag, shown in red, could be forming if the weeks low is held.The week's important resistance therefore is 10499 and support is 9940.Since the flag is not a very 'tight' one - the legs up and down need to be more close - we will just take direction from the support and resistance.

Daily Chart

With the break of 10056 the Daily chart shows a short term downtrend having made a lower high and lower low.The last three trading days saw the 10131 as strong resistance.A move above this level should see some recovery.
Oscillators in oversold zone may lead to a pullback.

Half Hourly Chart

 10133 will be strong reistance.Fibo retracements marked on half hourly chart.

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Happy Trading !!
Lakshmi Ramachandran

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