The pennant and inverse head and shoulder pattern with green neckline shown below still valid inspite of the bearish candle for the week.Close was below the 40 and 100 wema.Very close to crucial supports of 5000 and 4800.Oscillators weak indicating fall could continue for the week.
Pennant and Inverse head and shoulders still valid as shown in the chart above.Oscillators weak and 5,20,50 dema bearishly crossed.The 100 point gap down made on Friday will prove crucial resistance at 5188 -5088.
Half Hourly Chart
Half Hourly charts show Nifty on way to achieveing the triangle breakout target of 5000.Oscillators on half hourly charts in oversold region and have turned up indicating some pullback could come in before continuing the fall. Situation still fluid so strict stops/hedges on positions.
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