Half Hourly Chart
Bank Nifty opened with a gap up today and rallied a few points up but could not sustain at the highs making a long upper shadow. The candle made is a shooting star which has bearish implications.The Bank Nifty continues to be in weak territory as it is trading below the uptrendline from September lows.The rise from the recent low at 11256 has formed a rising wedge which is a bearish continuation pattern.The last half hour candle has broken down from the pattern and is expected to move further down.
A lot of pointers towards a fall.
Gap support - gap made today - is at 11495-11465. Fibonacci supports are marked on the half hourly chart.The rising wedge has a target of 11230.A fall below the above mentioned gap should be the first sign of weakness.
Till the low of 11125 holds the Bank Nifty will make attempts to recover.A fall and close below this level will see some accelerated fall.
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DisclaimerAll the calls made in this section are based on my judgment and the information available at the particular point of time. Adequate precaution has been taken while writing the analysis. However, no responsibility is taken for the losses or gains made through the analysis, either legally or otherwise. Readers are advised that acting on the analysis is at their own risk. Stock Market trading involves risk and is a high risk & high return business and I do not accept any financial and/or legal responsibility arising from the use of the information