The red equidistant parrellel lines drawn proved good support this week. Support for next week is at 4773. 4786 which is the 38.2% fibo retracement level of entire rise from March 2009 has been violated. 4650 is the neckline support which I have been talking about since June 2009. 4625 is support on the green uptrendline.The fall should stall in this area failing which 3900 is achievable.
The fall has been sharp and continuous as is obvious from the narrow falling wedge. 4675, low of year 2010 should hold else more bearishness could set in.
Half Hourly Chart
Conclusion : Nifty is highly oversold on all time frames. The 4700-4600 area has good support. If Nifty fails to take support at these levels 3900 is achievable.
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