Half Hourly Chart
Daily Line Chart
Nifty retraced below lows of the last three days , after hitting resistance at the trendline drawn from January 2008 highs. Negative divergences on half hourly charts did the job of getting Nifty to correct to the 23.6% retracement level of rise from 4538 to 5138.
A close below 4989 will be first sign of possible trend change. Next strong support is at 4924-4932 which has acted as support and resistance ever so often in the last 2 months. 4909 is the 38.2% retracement level . Below these levels down move will gain momentum.
Happy Trading !!