The closing today formed a complete head and shoulder pattern for Nifty. The Neckline (5350) was broken rather pretty quick. We see the next level of support at 5177 levels and after that nifty has support at 4800 levels.
The Neckline which was a Support shall now play the role of Resistance.
The head and shoulder pattern does give an initial bounce back towards its neckline, so a short term target of 5340-60 can be expected from lower levels.
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