The range for the year 2010 was 4675 - 6338. 61.8% fibo level of this range is 5310, which has been important resistance point earlier , pointed out on the charts.This should serve as a good pivot point . Fall below 5300 could test 4675, which has been a good support. Staying above it could attempt higher levels.
Weekly Chart II
An Inside Pattern exuding bearishness.Range of the Inside pattern is 5912-5693 which needs to be broken to set further trend. Breaking of pink trendline too adds to bearishness.Support was exactly on the 38.2% fibo level of rise from 4675 to 6338. This indicates bias towards break of 5693. Chart II shows a rising wedge which now has support at 5502. Break of support can take the Nifty to 5102. If takes support at 5502 then could test the resistance line at 5880.
Daily shows support exactly at 50 dema. Break of the earlier low of 5693 will give impetus to the fall. The 5 and 10 dema have given a sell. Good support around the 5500 levels.50 dema support at 5708 and 200 dema at 5632.
Half Hourly Chart
Half Hourly Charts are oversold and the last half hours candle indicates a pullback may come before further fall.
Resistances at 5762-5797-5824-5853. Supports are at 5706-5693-5645-5505.
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