It was a no show day for Bank Nifty moving in a 100 point range on extremely low volumes.Bias remains down with a lower top and bottom candle. 12197-12143 remain support below which crucial support of 11978 could be tested. 12572 remains resistance below which bias will remain down to sideways.
Latest action shows the last leg up having broken down from it's uptrendline.If trades above 12275, 12452 and higher levels could be tested as shown by the red rising wedge.
Half Hourly Chart
The inverted head and shoulder target of 12590 shown in the Newsletter for 18th September was almost achieved.Channel break target of 12690 is yet to be achieved.Bank Nifty is correcting the latest rise from 11125 to 12572.Support at 12238-12197 is holding well.A break below it would take Bank Nifty to 11900.
Further action will make the situation more clear. Till then reduce longs and watch for more clarity.
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DisclaimerAll the calls made in this section are based on my judgment and the information available at the particular point of time. Adequate precaution has been taken while writing the analysis. However, no responsibility is taken for the losses or gains made through the analysis, either legally or otherwise. Readers are advised that acting on the analysis is at their own risk. Stock Market trading involves risk and is a high risk & high return business and I do not accept any financial and/or legal responsibility arising from the use of the information