March 6, 2011

BANK NIFTY Technical analysis

  • Bank nifty's range in weekly line chart is shown in the first chart.
  • Down trend line in weekly chart has been violated a shown in 2nd chart. this favors the bulls provided 10600 is protected.
  • Daily chart shows resistance at 11360 levels. Price should also move away from 200 DMA for a directional move to happen. 200 dma sometimes has this magnetic effect, price tend to move around it for sometime and then moves away from it.

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