Nifty - 4695 - Date 30-12-2011 - Time 1.34-PM

• The above “Nifty Futures” hourly chart indicates likely bullish breakout. 
• On rise above 4710 – 4730 levels will validate the pattern.
• Based on Equi-Distant channel technical Nifty expected to move up.
• In addition the current pattern seems like Inverted H&S and Prices are in the development of right shoulder.
• The target of 4940 is based on Equi-Distant channel and 5050 is based on Inverted H&S pattern.  
• Immediate Bottom placed at 4638 on closing basis, unless violation of 4638 (Close) we are heading toward 4940 – 5050 levels.
• Buy Nifty Futures above 4710 – 4730 levels with the stop of 4638.
• This is our preferred view if any changes then we will update alternate.