Inverse Head-and-shoulders under formation, neckline is packed at 4930

On w-o-w basis, Nifty closed with gain of 20 odd points, thus managing to hold on to its week positive streak. Currently, Nifty is forming an inverse Head-and-shoulders pattern, whose neckline is packed at 4930. On the breach of the neckline Nifty can rally up to 5000-5050 levels. However, if the low of 4675 got violated then the pattern will get negate and extensions on downside will continue.

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