Daily Chart II
The right shoulder still seems to be forming locked in a range between 5480-5605. The 5560-5605 area which houses the 50 dema at 5569 and the 200 dema at 5600 will prove strong resistance.Only a cross above this area will give momentum on the upside.
Half Hourly Chart
The half hourly charts show a diamond formation which I mentioned in my Midday Nifty post. You may read it here http://vipreetinvestments.blogspot.com/2011/06/midday-nifty_08.html . The Nifty broke down from the pattern giving a target of 5415.
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