Reigning The Bank Nifty 18th July 2012

Daily Chart

Daily Chart

Half Hourly Chart 

The daily charts show support taken on the support line of the rising wedge.A  bear flag has emerged, shown in red with support at 10441.This is a bullish continuation pattern.This area of price movement can also be drawn as a bearish head and shoulder on the half hourly chart.The neckline has been broken and retested.This has a target of 10326.If 10597 fails the fall continues  in which case watch if support at 10441 is held for the bullish flag to play out. If not then 10326 will be targeted.

Stochastics has reached the oversold zone and may lead to a pullback.

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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com