January 21, 2012

BANK NIFTY Weekend Update

  • Daily RSI is showing very overbought readings. But price is yet to show any weakness.
  • the slopping resistance line in weekly chart, 200 Day SMA and previous broken support all of these points to a resistance around 10000 level. If it is going to be a bigger up move price need to stay above this level. Price is expected to give a correction from this level.


By at

5 comments:

  1. HitendraJanuary 21, 2012 at 4:01 PM

    San,

    what is the chart pattern of nifty for coming session & week pl?

    does RIL impact possible on Monday & how much?
    regards,
    hitendra

    ReplyDelete
  2. KMJanuary 21, 2012 at 4:34 PM

    Hello San,

    Can you please update rising wedge formation of dow. Resistance @12720 - 12735.

    ReplyDelete
  3. SanJanuary 21, 2012 at 4:59 PM

    @Hitendra
    I will be doing a weekend update on Nifty and if possible a post on RIL on monday morning.

    ReplyDelete
  4. SanJanuary 21, 2012 at 5:06 PM

    @Tigar
    Price has broken the resistance line of the rising wedge thus ending the hopes of bears for a correction from this pattern and Now as you said price is testing important resistance level. First resistance at 12755 and next one at 12875 level

    ReplyDelete
  5. KMJanuary 21, 2012 at 6:05 PM

    Thanks a lot San Bro.,
    What was the value of broken point of rising wedge as per your Dow chart?
    Please update on Nifty rising wedge invalidation point. Do you think after 100sma the next target would be 200sma...

    ReplyDelete

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