Half Hourly Chart
An "Inside Day" pattern was formed where the day's candle remained within yesterday's candle range.The low was just a point away which formed a descending triangle as seen on the half hourly chart.If the low of 5585 is broken Nifty could test 5518. This will fall into the gap area and may lead to filling the 5435-5528 gap. Uptrendline from 5215 on half hourly charts offers support at 5540 to 5573 for the day.
The Nifty is in an uptrending channel and may test the support line. Scaling 5652-5665 will clear the resistance for 5941 which is the 76.4% fibonacci level.
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