Daily Chart
Half Hourly Chart
Breakout from important downtrendline joining 2010 peak 13304 to 2012 peak at 11226. This has failed before so one needs to wait for a confirmation of closing above the 10782 high made on the first such breakout.Triangle breakout too is pending with resistance at 10614.
Half hourly charts show a smaller triangle which show chances of the fourth leg down forming with Bank Nifty showing signs of tiring out at the 61.8% retracement level of the previous leg.
Supports are at 10300-10056. Only a break below this will bring in weakness.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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