Bank Nifty failed to cross above the 11745 high and gave in to bear pressure.Weekly candles for the past six weeks have been small bodied most having long upper shadows showing selling pressure barring last weeks candle which had a long lower shadow showing buying pressure which could well be a bearish hanging man.Two "shooting stars" and one "hanging man" at the 11745 resistance make a case for the scene heading towards bearishness.
Daily Charts show a false breakout from the flag formation.The Inside Day pattern mentioned yesterday resolved to the down breakout.The breakout was decisive too.The bias is definitely towards bearishness.
Support seems to have been taken at the 50% fibo level as can be seen on the half hourly chart.Strong support is now available at the gap area 11394 to 11315 and the uptrendline at 11399.Fibonacci support comes at 11422-11352. A break of these levels could put the low at 11125 in danger and spell trouble for the bulls.
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