A lower high candle was made which closed above the uptrendline from March 2009 lows.The support for the month on this trendline is at 10418.The low of the candle made a double bottom on the daily charts which is a bullish signal..The long lower shadow is encouraging showing buying at lower levels.However the range of 10017-11978 was not broken leaving the Bank Nifty in a limbo.
Support at 11418-10340-10017 and Resistance at 11458-11978.
Weekly Chart I
Minor high of 11056 was crossed decisively on good volumes giving a target of 11772.Resistance at 11664 from support line of bear flag.Downtrendline from all time highs 13304 has reistance at 11500.
Chart I shows the bear flag target of 7725 still valid.Bullishness seems to be emerging but till the bear flag pattern is invalidated staying light would be prudent.
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