Reigning The Nifty 14th August 2012

Daily Chart 

Half Hourly Chart

The broader view has an Inverse head and shoulder pattern forming with neckline around 5350-5378 which I had shown previously.The right shoulder is forming and in a precarious position now having broken below the uptrendline from 5032 intraday.The days close was however above it.

Support on this trendline at 5318.  If held , the Nifty could breakout from the neckline at 5350-5378 to give a bullish signal.Resistance at this neckline will be a difficult one. Watch action around this level to guage underlying sentiment whether bullish or bearish.

The breakout from the inverse head and shoulder with the pink neckline has a target of 5464.

follow me on twitter http://twitter.com/#!/lucksr


Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com