September 2, 2012

  • Bank nifty crucial support for next week is last week's low 9948. Breaking below this level will take BN towards 200 Day SMA or the Weekly rising support line.
  • Weekly chart shows a contracting triangle pattern. BN is already falling from a Contracting Triangle in DAILY TF
  • Breaking out of this pattern in weekly Time Frame may give bigger moves in BN.


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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore