Half Hourly Chart
Lacklustre trading within a 50 point range closing at the same level as the last trading session.This would be inferred as a wane in the up ward momentum as a rally was on from lows of 5328. As mentioned in my Midday update, the green neckline, shown on half hourly charts, proved good resistance.
Daily charts show a probable right shoulder of a bearish head and shoulder pattern forming , whereas the half hourly charts show a probable right shoulder of a bullish head and shoulder forming. If the bullish one breaks out from the 5505-5516 resistance then the right shoulder of the bearish one could top out around 5700. If the 5505-5516 is not overcome then the head and shoulder pattern with the green neckline , which is already broken, will continue to move down to it's target of 4910.
Refer post of 18th May http://vipreetinvestments.blogspot.com/2011/05/reigning-nifty-18th-may-2011.html
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