Daily Chart
The Nifty traded aimlessly within the range of the previous day forming an Inside day showing indecision.The high of 5653 and low of 5541 need to be monitored for further direction. The rising wedge which normally forms when forming the right shoulder of a bearish head and shoulder pattern would require a break of the low.The support from the wedge is at a higher level -5572.
Half Hourly Chart
Half hourly charts show Nifty moving towards the rising wedge target of 5196. Once the lower high at 5653 is confirmed on break of 5497 the fall will accelerate towards the target. If however 5653 is crossed then Nifty will retest 5740.
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Lakshmi Ramachandran
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