Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, October 5, 2012

Reigning The Bank Nifty 5th October 2012

Daily Chart  

The bank Nifty broke out of  the range of 11537-11321 on the upside as is characteristic of flags..The break from the range gives a 200 point move upto 11737.The flag pattern gives a target of 12180.  
OBV has turned up but yet to cross it's high made last week.Stochastics too needs to do the same.This points to waning upward momentum which is a worry as the Bank Nifty may lead to some correction.
Trend however is up and till more stronger indications are made of a reversal one should be long.Take profits on the way up or keep trailing stops.

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Happy Trading !!
Lakshmi Ramachandran

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