The long awaited completion of the right shoulder of the bearish head and shoulder pattern happened and broke below the neckline too but did not last long. The bounce was swift and the close much above the neckline. The volumes though was just average.A potential double bottom made at 10340.
Crossroad at 10340 - 10017 . Holding or breaking the level to decide the immediate trend.If 10340 holds then 11056 will need to be crosed to confirm the double bottom with a target of 11772. If breaks then the head and shoulder target of 8721 could be achieved.
The Inside day pattern mentioned in yesterday's post , http://vipreetinvestments.blogspot.com/2011/06/reigning-bank-nifty-20th-june-2011.html, has given a downward breakout indicating the bears may win.
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