Daily Line Chart
Half Hourly Chart
Sideways movement since the beginning of December within 5051-5182. Since last two trading sessions a sharp sell of at midsession is seen with no attempts to recover the highs of the day. Macd on daily charts has given a sell.
Daily Line Charts forces us to be bearish for a final target of 3850.
Half hourly charts show a bearish Head & Shoulder pattern. Break of the neckline around 5084 will give a 100 point move down to 4984.The trendline joining lows of 4538 and 4806 on daily charts, has support at 4980 for tomorrow. The 200 period ema on half hourly charts is also at 4980. So this should be good support. 4950 is the 61.8% retracement of rise from 4806-5182. If the Nifty takes support at these levels then the uptrend would be intact.
Happy Trading !!