Half Hourly Chart
A big bullish candle on good volumes. As anticipated in my weekly analysis the bulls have won for the time being and succeeded in moving above the red neckline of the inverted head and shoulder pattern. You may read the weekly analysis here -- http://vipreetinvestments.blogspot.com/2011/05/reigning-nifty-weekly-update-28th-may.html.
The target should be around 5700 which also coincides with the 61.8% fibo level of fall from 5944 to 5330. The portions shown in red elipse also show support/resistance around 5700. The 5700 level should therefore be strong resistance.
Stochastics on daily charts has reached the overbought zone and a pullback to the recent rise from 5330 can be expected.
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