Half Hourly Chart
Nifty made an inverted hammer and an Inside pattern. I have discussed the Inside pattern many times in this sideways move that Nifty is in since more than 6 months. It conveys indecision. The inverted hammer when occurs during a downtrend, which is what the Nifty is doing since last two days , is bullish as though there was selling pressure leading to a long upper shadow, the pressure was not strong enough to take the price below the low point. This makes the low of the inverted hammer a crucial support.
The low made today was 4980 , higher than the earlier low of 4961-4967. So long as these levels hold nifty could see an upmove. Refer to the half hourly chart--The inverted head and shoulder with the green neckline would then come into focus. Also the double bottom will give a target of 180 points once 5148 is crossed. If the support does not hold then the bearish head and shoulder pattern with the red neckline will play out it's bearishness, giving a move of 180 points.
Considering the fact that the Nifty has broken down from the rising wedge and is showing no strength to nullify it, the bearish head and shoulder has more chances of being successful.
Support at 4980-4961-4925-4912.
Resistance at 5050-5070-5148.
Happy Trading !!