Daily Chart
The swing low of 5937 , the 38.2% retracement level of rise from 5348 at 5959 and the 23.6% retracement level of rise from 4768 at 5970 should prove good supports.Look for signs of recovery around the 5950 levels.
If the above mentioned supports break, the next support will be at 5845, the 50% retracement level of rise from 5348 and support of the uptrendline from 4768 which would be around the 5800-5850 levels till November expiry.
Uptrend possible only on a cross above 6145 .
Hourly Chart
The half hourly chart too shows a bearish pattern - broadening top or an expanding triangle or a megaphone top.This pattern usually consists of three ascending peaks and two descending troughs. The signal that the pattern is complete occurs when prices fall below the lower low.
The support from this pattern's lower trendline is around the 5920 levels.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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