Reigning The Bank Nifty 14th August 2012

Daily Chart

Daily Chart 

Half Hourly Chart 

The broader view has an Inverse head and shoulder pattern forming which I shown previously.The right shoulder is forming and in a precarious position now having broken below the uptrendline from 10056 intraday.The days close was however above it.

Support on this trendline at 10297 if held , Bank Nifty could breakout from the consolidation pennant to give a bullish signal.Resistance at 10460 will be a difficult one. Watch action around this level to guage underlying sentiment whether bullish or bearish.

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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com