A gap down closing below the short term downtrending channel continuing to form the right shoulder of the bearish head and shoulder pattern.The volumes were higher than that of the past few days. This action seems to have negated the bullish alternative of forming an inverse head and shoulder pattern.
Daily Chart II
If the neckline which is around 5325 breaks then a target of 4721 would be possible which is a very strong support as shown on the chart.
Half Hourly Chart
The diamond pattern target of 5415 was achieved. Support taken on the support line of the downtrending channel which now has support at 5394-5385.
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