Nifty Outlook

Yesterday after giving around 62% correction of the recent rally from 5663 – 5970, by making low of 5791 Nifty is at 5917 up by 126 points. If we see the daily chart then Nifty has formed inverse Head & Shoulder pattern, where the left shoulder formed at 5853 (15/02/2013), Head at 5663 (04/03/2013) & assuming today’s low of 5791 as right shoulder, then neckline breakout of this pattern comes to 5971. If Nifty crosses & sustain above its breakout point of 5971 then midterm possible target comes to 6279.