Half Hourly Chart
Nifty did a U turn from the 5638 support.The previous peak made in February 2012 was at 5630 making it an important level to hold for the bulls.Nifty needs to cross the resistance at 5749 to avoid this.If fails the right shoulder of the bearish head and shoulder pattern could form putting the neckline at 5638 in danger of being broken.
The levels if breached could lead to a fall of around 177 points leading to a test of the gap area at 5435.
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