Reaction exactly at the red downtrendline from 6338 highs.Resistance on this trendline now at 5679.Support from 200 dema at 5578 and 50 dema at 5518.Stochastics has turned down from overbought levels supporting a pullback.
Half Hourly Chart
Half hourly charts shows break down from the almost vertical rising channel. Support taken at 5610 on Friday.
Half Hourly Chart II
A coiling is shown in Chart II in red which should break tomorrow but the break out points are too close - 5630-5626 -- to have much impact.Supports are at 5606-5587-5566-5512-5496.A fall below 5496 will bring the bears back into the fray. For now the bulls may boldly march towards 6000 having conquered 5605. ( mentioned in earlier posts http://vipreetinvestments.blogspot.com/2011/06/midday-nifty_29.html )
follow me on twitter http://twitter.com/#!/lucksr
Happy Trading !!