Daily Chart I
Daily Chart II
Half Hourly Chart
Nifty remained withing the range of the Inside day though it was a higher high and higher low than yesterday.Markets are in a flux and traders are getting whipsawed.Intraday charts are showing the latest action as an inverted head and shoulder pattern with the neckline at 5255-5260 for tomorrow. Break above it will give a move of about a 100 points.
The move since mid March shows a bearish head and shoulder pattern with neckline support at 5156 for tomorrow. Break below it will take the Nifty close to 4900 levels.
Daily oscillators are showing strength. and so are the half hourly oscillators. Moving averages as mentioned yesterday continue to be bearishly aligned.The pull back could continue till 5161 is held.
Resistances and Supports as marked on the charts.Strong resistance at 5300-5320 and strong support at 5155-5160.
Happy Trading !!