Reigning the Bank Nifty 30th May, 2011

 Daily Chart

Daily Chart II

Chart I shows a classic test of the neckline which should lead to a resumption of the downtrend after such retest.But the breakout from the short term downtrendline drawn from the the recent peak of 11978 and  support taken at the 161.8%  of rise from 10677 to 11213, shown in red on chart II, positive divergences on the stochastics and Rsi 14,  all point to a possible pullback.

Till the low of 10340 is held a pullback to   10780-10882-11213 is possible.


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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com