Half Hourly Chart
Consolidation or Distribution ? Today's trading did not convey much. Gap up opening making a higher high and higher low but the close was the same as the last close giving no verdict.
Intraday charts show a pennant formation which is a continuation pattern indicating break should be on the lower side to resume the downtrend which would lead to a 450 point fall from the point of break down.
Viewing it bullishly would be an inverted head and shoulder with the neckline around 5586-5590 for the day. Breakout will give a target of around 5730.
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