Channel resistance proved too strong for the Nifty which now stands at 4874. Year 2010 low si at 4786 and the channel support is at 4780.It is also the 38.2% retracement level of rise from March 2009 as shown in my earlier posts.
Half Hourly Chart
The last leg of the fall from 5740 has been steep and has failed to show any signs of a relief to the bulls.If 4780 fails the next support in sight is at 4650. 4650 is also the neckline of the inverted head and shoulder pattern shown in my earlier posts and referred once again in my weekly post of 22nd.
Head and Shoulder Pattern
A tiny head and shoulder bearish pattern appeared
Happy Trading !!