Nifty maintained above the 12 month ema but slipped back below the crucial 5310 level opening the possibility of touching the lower end of the range at 4600.The inside pattern formed on monthly charts shows indecision with breakout points at 5499-5136.Oscillators showing weakness implying the tug of war between bulls and bears may resolve in favor of the bears.
Daily Chart II
Half Hourly Chart
Nifty needs to breakout from the pennant shown in daily chart II for further bullishness. Oscillators taken support at earlier lows.Double bottom at 5136-5155 will get confirmed on crossing 5378. Half Hourly chart shows triangle breakout false. An inverse head and shoulder pattern with an upward sloping neckline shown in green.Cross of 5271 will give a breakout from the neckline and propel towards 5378.
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