BANK INDIA 26313

THE COUNTER HAS BEEN IN DOWNTREND AND IT SEEMS THAT IT HAS ALREADY BROKEN THE SUPPORT LINE OF ITS DESCENDING TRIANGLE AROUND 315 AND IS NOW FORMING SYMMETRICAL TRIANGLE PATTERN ON A DAILY CHART. IT IS CLEARLY VISIBLE THAT VOLUMES WERE DRIED, BARRING FEW INSTANCES, AS THE PATTERN DEVELOPED AND ONCE THE SUPPORT LINE AND TREND LINE BROKEN VOLUMES SUDDENLY SPIKED UP. UNLESS AND UNTIL THE COUNTER CLOSES ABOVE 315 ANY LONG SHOULD BE AVOIDED. RATHER WE THINK THE COUNTER STILL PROVIDES A GOOD SHORTING OPPORTUNITIES AROUND 295 AREA. SHORT POSITION CAN BE BUILT UP WITH THE CLOSING SL OF 315 FOR THE TGT OF 270-255. OUR ULTIMATE TGT IS 230........