The expected pullback came in but could not close the gap made yesterday. The recent peaks and troughs have formed a rising wedge which is bearish. On the other hand we have a higher high -5740 and higher low - 5497 formation. Scaling of the high will give a bullish signal and breaking 5496 will start the down trend again.
Stochastics has turned up from the oversold region and Rsi14 has moved above the 50 level once again showing strength.
Daily Chart II
Half Hourly Chart
Half hourly charts show a bullish breakout from the high of yesterday's gap down candle. This shows an attempt to close the gap which would be bullish.The pattern fromed is a inverse head and shoulder pattern giving a target of 5660 which i had pointed out in my posts during trading hours. (http://vipreetinvestments.blogspot.com/2011/07/inverted-head-and-shoulder-pattern.html ) and
( http://vipreetinvestments.blogspot.com/2011/07/midday-nifty_13.html ).
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