October 7, 2012

BANK Nifty Weekend update

  • I have tried to make the spot chart as close to the futures chart. Haven't included the wild price action of Friday.
  • Daily chart looks like a Dark cloud pattern with support at 11321. 10 Day EMA too is yet to be tested so weakness only on breaking these two levels.
  • Weekly chart too looks bearish with the large upper shadow showing weakness at top. Weekly chart has support at 11226 levels. Breaking this level may turn weekly chart bearish again.

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