31.01.11 Bank Nifty

31.01.11

Steady down move has reached very close to the Major Lower median line of the major pitchfork.Today price opened low and closed higher, close to friday's close.

Drawing a downsloping Yellow Median line from recent pivots , todays low has reached a Fib line parallel to the median line.The bounce comes after three days of downmove.The bounce can reach next upto 5565,5610,5656 which are the Fib levels of the current down swing.

50 % R of this swing is at 5610 levels, above which it can go up to 5656.The downtrend holds till it crosses 5801 , pulls back , makes a higher low and then moves higher.

If the price breaks today's low of 5417 , lower level of 5315 is the target.

28.01.11 Bank Nifty

28.01.11

30 min chart

27.01.11Bank Nifty

27.01.11

The price was not supported on the White LML today.The first half hour it retraced into the channel but fell down steadily to meet the Warning lines 1 an 2.Drawing a Blue Median line and parallels,Price has closed at the Blue LML EOD.Stochastics are at oversold level.

Low of thsi swing can be confirmed after higher low bars and price closing above 5 ema.

Pullback till 5680 possible for tommorrow if bounceback rally happens

25.01.11

Long position taken at 5750 levels was stopped out.It was a high risk trade and the market proved it!!

A new channel (white) connecting the highs of the two down swings is drawn.The lower parallel line meets the EOD price.Will this support line hold well.Will have to watch on thursday....