Daily Chart II
Daily Charts show clearly that Nifty is in a correction but at crossroads at this point of time. A move below 5330 will restart the downtrend and a move above 5605 will kick start a recovery.
Half Hourly Chart
As shown in my post for Midday on Friday, http://vipreetinvestments.blogspot.com/2011/06/midday-nifty_10.html , support was taken exactly at 5458. If this low holds then the upside breakout from the pennant, which has resistance at 5530-5519 for the day, is imminent.In this case the right shoulder of the inverse head and shoulder pattern would continue forming. If 5458 breaks then the diamond target of 5415 should be achieved.
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