Half Hourly Chart
""But 4951 is proving huge resistance and Nifty is being sold into even before reaching the level. Further bullishness only after crossing this level and closing above it""
The resistance proved strong and the Nifty corrected and was volatile in a small range on larger volumes than the previous two days which were bullish. This correction has been forming a bullish flag. Also formed an "Inside Day" as it stayed within yesterday's range..
The half hourly stochastic has given a buy in the oversold region.But the daily stochastic has reached the oversold region. The Nifty has closed below the 20 dema once again.
Expect bullishness only above 4930-4951 and the correction to continue below4873-4857 .
Happy Trading !!