Broke out finally from the downtrendline from 11226.The channel from November 2010 highs broke out in February this year was retested successfully and the upmove seems to have resumed.Target for the breakout was 12655.The rising channel shown below also supports an upmove.
Resistances on the way are 10540- the 50% retracement level,10658 -11226-12265 all marked on the charts. The 40 and 100 ema have converged to give strong support at 9870-9900.
Daily charts too are looking bullish.All ema's 20,50 and 200 are converged to give good support around 9845-9921 which also has the support from the uptrendline of the rising channel.On a slightly larger time frame the Bank Nifty may be in the fourth leg up of the triangle shown in blue.This should offer good resistance on the resistance line at 11110.
Oscillators look positive for an upmove.
Half Hourly Chart
The inverse head and shoulders broke above the neckline giving a target of 10775.
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