Reigning The Bank Nifty 16th November 2012

Daily Chart

Half Hourly Chart

Bank Nifty broke down from the rising wedge as per it's characteristic.Support taken around the 11422 level which is the 50% retracement level of the rise from 11125 to 11745 high as can be clearly seen on the half hourly chart.The pullback  was nearly closed the gap down made on open. The pullback though seems to be a retest of the support line from which it broke down having failed to close above it.

If the support  at 11452-11481 is held then the pullback will continue.Else the fall may continue to test the gap area at 11394-11315 where the 61.8% level too resides at 11352.If this strong support area breaks then the 11125 low will come into focus.

Resistance is at 11565-11608-11719

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Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com