Weekly Chart
Breakout from the downtrendline which is bullish.Reacting from previous peak resistance at 11256 and 38.2% retracement level of fall from 13304 makes the bullishness suspect. Trading above 10700 should keep the bullish prospects intact.
Daily Chart
Breakout from the falling wedge is intact with a target of 12620.An inverted head and shoulder could be forming with the neckline around 11302. Bank Nifty has moved above the 200 dema and maintained above it for four days. Only a move below it will attract increased selling.The bearish engulfing pattern may do it's damage if falls below the three day low of 10908 and test the 200 dema at 10860.
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Lakshmi Ramachandran
www.vipreetsafetrading.com
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