I have a website which was recently penalized by Google and all of a sudden it stopped caching my pages. After some research, I found out that issue was due to too many duplicate titles as depicted in webmasters.I used noindex to those duplicate urls and after 3-4 days of my putting noindex, Google restarted caching my website.Does it indicate that Google Penalty has been removed or will it be removed in future or it has no relation at all?Also, I have not seen any improvement in the traffic though. 
Google re-started caching my website
seo;google panda algorithm;penalty;google penguin algorithm;google cache
Generally you will not see traffic gain in just one-two days... You have to wait at least for a month. Google started re indexing your site is good sign. Now google bot will move around your site. And if everything is OK then you will see your site in Google search. Google bot will try to check each page through each angle and will evaluate your site and your penalties will be removed. 