Weekly Chart
The red triangle target of 12365 was achieved and Bank Nifty hit resistance at the resistance line of the rising wedge.This nearly always leads to a reaction towards the support line which is at 11672 for the week.Only a break below this level will lead to a deeper correction.Intermittent support exists at 11978 the April 2011 peak.If the resistances at 12546-12549 is taken out then the 12700 target which I have been mentioning since some time is achievable.First sign of weakness would be break and close below the weekly candle at 12053.
Daily Chart
Daily charts show a second attempt to break above the resistance line of the rising wedge which failed and a reaction may have set in.Resistance is at 12474 which needs to be taken out to move towards 12700.12143 is important support.
Half Hourly Chart
Half Hourly Charts II
The Half hourly charts show the 12143-12160-12191 area as strong support which is the previous swing low and fibonacci retracement levels.Chart two shows trendline support and resistance for intraday.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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