Half Hourly Chart
As anticipated, the pullback happened. The bearishness of the hanging man pattern has been confirmed by a huge black candle retracing 43 % of the rise from 4786 with a 116 point fall , which smacks of the correction from 5400 resuming. Breadth was negative but volumes were just average.The intra day oscillators have reached oversold zone, but daily oscillators indicate more fall to come.
Fibo supports of rise till 5097 is at 4942-4905. 4903 is also the support from 200 dema. If held then Nifty may be forming an inverse head and shoulder bullish pattern with necklines shown in red and green. If broken, then bulls need to trade cautiously keeping an eye of low made at 4786, failing which the trendline from November 2009 lows will be violated once again opening more downsides.
Resistance is at 5024-5070 .
Happy Trading !!