Daily Chart
Yesterday I wrote " The Inside day pattern mentioned in yesterday's post , http://vipreetinvestments.blogspot.com/2011/06/reigning-bank-nifty-20th-june-2011.html, has given a downward breakout indicating the bears may win ". The bears did win as the bulls could not get control at the highs of 10645 today and the bears pushed prices down to close with a loss of 25 points inspite of registering a higher high and higher low.
Today's trading did not help the crossroads puzzle. So I repeat -- Holding or breaking of 10340 to decide the immediate trend.If 10340 holds then 11056 will need to be crosed to confirm the double bottom made at 10340 with a target of 11772. If breaks then the head and shoulder target of 8721 could be achieved.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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