The move from mid August was well channeled and the break gives a target of 4757.
Daily Chart Showing Channel Movement
The intaday charts show supports at 4950-4921. The 161.8% retracement of rise from 4921 is at 4760 coinciding with the channel target .All halfhourly oscillators are in oversold region kindling hopes of a bounce.
Half Hourly Chart
The 200 period ema on half hourly charts , which was a good support since September 2009, has given way and the 5 and 10 ema are in bearish alignment with it. So "this time it is different" and we may be in for a deeper correction.
The weekly support on the uptrendline from March lows comes at 4983. So be watchful of this level on closing basis.
Happy Trading !!