Reigning The Bank Nifty 9th August 2012

                                                                                                                                      

Daily Chart

Half Hourly Chart

A pullback could have started as shown by the breakout from the bearish green rising wedge shown on half hourly charts.The support at the gap made on the way up at 10427-10316, the 50% Fibonacci level at 10427,61.8% level at 10375 and daily uptrendline support at 10326 should hold well.Only a break below this will ring alarm bells of a reversal of the existing bullishness.

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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com