Half Hourly Chart
Daily Line Chart
Big Bull candle on low volumes. Daily oscillators are showing strength and the Rsi 14 has moved above the 50 mark. The intraday charts showed breakout from an inverse head and shoulder pattern giving a target of 5145.
The 61.8% level of retracement at 4925 will be strong resistance. This was also the level of solid support on the way down. The Nifty may see a pullback from those levels. If surpasses 4925 OR on a pullback finds support at 4830 levels then one could go long for targets of the inverse head and shoulders of 5145.
Happy Trading !!