Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, December 5, 2012

Reigning The Bank Nifty 4th December 2012

Daily Chart

Half Hourly Chart

Bank Nifty took a breather after the impressive run up forming an Inside Day pattern.It is a two day pattern where the day's candle is formed within the earlier day's range.Inside day patterns indicate indecision and sometimes lead to a reversal. If the high of the pattern is taken out the trend continues and if the low of the pattern is taken out then weakness could follow.The high and low in Bank Nifty's case is 12175 and 12001.

Half hourly charts show a flag formation which is a continuation pattern indicating the uptrend should continue. Lookout for the flag to breakout and the Inside day pattern to resolve to get further direction.Pullback supports are marked on half hourly charts.

The broad trend is up and pullbacks should be used to buy.

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Happy Trading !!
Lakshmi Ramachandran

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