May 19, 2012

BANK Nifty Weekend update ( Bullish Engulfing)

  • Bank Nifty daily chart gives a bullish engulfing pattern. But for bulls this bullish event has taken place below 200 SMA. So for a larger up move price has to close above 200 SMA on closing basis.
  • Weekly chart has given a candle with long shadow which shows buying and this candle has come at the right levels as shown in the first two charts. Weekly reversal is yet to confirm if the daily chart is able to sustain above 200 SMA a turn around is happen.

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