Half Hourly Chart
Nifty is at strong resistance at 5690-5700 levels as shown by the red line on weekly charts.The breakout to 5815 proved false and the Nifty has fallen below the red line again. The blue uptrending channel has support at 5438 for the week.5638 was tested once again and should be the levels to watch. In case it breaks the swing low of 5535 should be good support.
The rising wedge on daily charts is intact and a break of the 5638 support will see the Nifty move towards the target of 5100.Gap support at 5527-5435 should prove good support and prevent the Nifty from such a steep fall.
A head and shoulder bearish pattern may be forming with neckline at 5638 showing the importance of this level being held. If breaks could fall upto 5461.
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