Weekly Chart
A marginal lower low was made for the week but good buying support at oversold levels found the Bank Nifty recouping a major part of last weeks losses.The flag formation is intact and resistance is at 11396 and support is at 9877.
Daily Chart
Daily charts have been showing mild bullishness as I have been mentioning all week after the doji on Monday, 17th January.Yesterday's bullish engulfing candle had a good enough follow up, scaling and closing above the 61.8% retracement of fall from 11161.Volumes were good and breadth 1.5:1. Efforts are on to touch the resistance line of the flag which is at 11396 for the week. Hurdles are at 11161.
Resistance is at 11161-11649-11912 and Support is at 10800-10725-10650-10584.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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