Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, October 1, 2012

Reigning The Bank Nifty 1st October 2012

Weekly Chart

Weekly candle was within a very small range showing consolidation with a positive bias. Close was marginally above last week's close making a higher high higher low keeping the bias positive.Oscillators are positive showing strength. However OBV has failed to cross it's February high leading to a bearish divergence indicating hidden weakness.

Daily Chart 

On the daily charts OBV has made higher highs in line with price.A consolidation seems to be taking place after the vigorous upmove.The oscillators are in the overbought region and moving sideways indicating strength.

The Bank Nifty is in a strong uptrend.The OBV though is giving alerts about it's strength.Hedge your longs and take partial profits as the Bank Nifty rises.

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Happy Trading !!
Lakshmi Ramachandran

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