- Bank nifty is trading close to its resistance zone of 9726-9874
- It seems it will enter this area on Monday. The index has faced resistance for several times from this area.
- And it will be tough this time too for bank nifty to close above it. A successful close above this with high buying volume can push the index to new high's.
July 11, 2010
NIFTY DAILY CHARTS
- Let me start from the last chart which is my favourite combination 5 day ema and 20 sma crossover along with macd crossover. After giving 4 consecutive profitable trades the MACD seems to have given a whipsaw. But i have to say the 5 day EMA and 20 day SMA crossover did not happen this time.
- The third chart shows nifty closing above 5 day EMA high which is positive. and the day also closed near the high of the day.
- on Wednesday nifty closed below 20 day moving average. But it quickly came back above it and is now trading well above it.
- The first chart shows a break out from a flag pattern which should easily take nifty above 5400.
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