Friday's low however remained unviolated. This indicates bears respecting the strong support area Nifty is in now.
Half Hourly Chart
Half hourly charts show the latest action in a broadening formation(shown in blue) within a falling wedge (shown in red). Both are bullish patterns.The breakout points from these patterns may be used to book shorts. However,wait for a other indicators to lend support to the bullish view before going long.
Head and Shoulder Bearish Pattern
If the support line of the broadening pattern gives, then it would turn into a bearish head and shoulder pattern giving a down move of 180 points.
follow me on twitter http://twitter.com/#!/lucksr
Happy Trading !!