A good upmove with gap up opening. The gap was filled after which it was almost one way up.The Nifty has stopped exactly at the neckline of the bullish inverted head and shoulder pattern which is forming.The left shoulder is not too perfectly formed but does show distribution.A move above 5353 will be a breakout with bullish implications.
The move has been sharp as shown by the uptrendline on half hourly charts.This makes it vulnerable to a pullback. Gap support at 5261-5216 where also the 50% and 61.8% retracement levels lie -- shown on chart above -- should prove good support. The uptrendline shown on daily charts too has support at 5226.
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