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The breakout above the 11451 peak proved false with the Bank Nifty dipping and closing below it making a lower high lower low candle..The move towards the rising wedge target of 10700 is intact.A lower high at 11527 is in place and if the low of 11245 is broken a lower low would be made giving a Dow sell signal.
If broken supports come at the gap of 10797-10643
On the other hand a bullish flag is formed with breakout at 11490.This is a continuation pattern and the Bank Nifty should resume the upmove if broken on the upside. Only a breakout above the high made at 11745 will confirm resumption of uptrend.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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