Reigning The Bank Nifty 18th December 2012

Daily Chart

Half Hourly Chart

Bank Nifty remained flat after trading in a very small range indicating a pause.

Have redrawn trendlines on half hourly charts to form a triangle.The Head and shoulder shown yesterday is still valid but the triangle is more apt and on breaking support line both patterns would have similar targets.So we follow the triangle which has support at 12145 and a break would give a target of 11950.

The bias remains up with a higher high higher low.The support of 12143 and the support line of the rising wedge remained intact.Only a break below 12143 will bring in weakness.

Happy Trading !!
  
Lakshmi Ramachandran
www.vipreetsafetrading.com