Daily Chart II
The Bank Nifty made a good recovery to close at the highs.The volumes were however extremely low making the recovery suspect. The bias continues to remain negative with a lower high and lower low. As seen on both charts the 10377 levels would be an important level to watch on the downside.
Recovery efforts will see resistance at 10932-10972-10996-11056 which is the short term trendline breakout point, the 50 and 200 dema levels and the previous peak.The 38.2% fibo level shown on the first chart is at 10970. Crossing this cluster of resistances will bring in some upside momentum.
follow me on twitter http://twitter.com/#!/lucksr
Happy Trading !!