Daily stochastics is in overbought region and the Rsi14 is waning above the 50 level.The support on downtrendline from which Nifty broke out is at 4750.
Half Hourly Chart
Magnified action on the half hourly charts shows a breakdown from a rising wedge with a target of 4578. If support at 4830 mentioned above , which is also the neckline support of the inverse head and shoulders, is broken , we may head towards this target. If breaks above today's high of 4948 we head towards the inverse head and shoulders target of 5145.
Happy Trading !!