It was an action-packed day on July 29 as the benchmark index Nifty and the banking index swung both ways, keeping intraday traders on the edge. Nifty failed its previous session’s breakout and formed a bearish harami candlestick pattern on the daily chart. Generally, such a candlestick pattern requires confirmation of the red candle, closing below the bearish pattern. Nifty has reached close to the resistance of 78.6 percent retracement of the entire downswing seen from January 2020 top to March 2020 bottom. On the lower side, a breach of 10,900 level which is 21-day EMA, will test the lower band of the channel, which is placed at 10,750. On the higher side, the upside is likely to be capped near 10,600 which is the upper band of the rising channel pattern. Midcap100 index closed above its 50-week exponential moving average on the weekly interval but still, it is underperforming the benchmark index which is visible on the Relative Strength (RS) indicator on the weekly chart. Nifty has neglected its bearish ABCD harmonic pattern which was placed at 10,971 level on the weekly chart.