Half Hourly Chart
A pennant formed to show consolidation and a final move up after the Nifty opened gap down giving a target of 5435.
Resistance came in exactly at the 76.4% retracement level.A rising wedge may be forming on daily charts nd Nifty needs to cross it's resistance line on good volumes to negate it's bearishness.
Negative divergences seen on half hourly charts
follow me on twitter http://twitter.com/#!/lucksr
Happy Trading !!