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Nifty has taken support at 5680 level, and shown a strong reversal in trend at present, but yet the reversal is not confirmed.
Nifty has made HEAD AND SHOULD PATTERN on chart, by braking the neckline at 5900 level it has done movement till 5680 level, and if it reverse now then it will try to touch 5880-5910 range, to confirm the H&S pattern, and if it able to move or close above 5910 level then we can see further levels till 6150-6300 also, because yet H&S pattern is not confirmed its in making so failure of this pattern is also a possibility.
If market not able to confirm its reversal now, then further we are having good long term trend support at 5600-5500 range and it can be a reversal point to think about, below these levels we may see panic fall in a market till 5000-4800 levels.
So as per our view if nifty able to confirm the reversal and if fails to confirm its H&S pattern the we can think for up move. But if H&S pattern confirm then we need to wait with 5500-5600 support range and below that we can see major fall in market.
