Daily Chart I
Daily Chart II
Half Hourly Chart
Yesterday i had observed, "Nifty is on the lower end of the green triangle shown on half hourly charts.Thus if Nifty remains above 5300 we may have a test of 5360-5370.Daily oscillators including the OBV have broken below the respective lows made when Nifty made the low at 5049 indicating the Nifty may correct further".
The range between 5383 and 5290 was finally broken on the downside after touching the resistance at 5673, confirming the bearishness of the channel break shown on daily charts. The immediate target is of 5180 . Suppports close to this level are at 5187 and 5167. A fall below these levels can accelerate the correction.
The up trendline shown on daily chart I has support at 5262 for tomorrow. If this level holds then the uptrend may resume. The 20dema too supported nifty perfectly at 5268.
Daily oscillators support a fall but half hourly oscillators have reached extreme oversold zone.Sell on rallies till 5400 is crossed .
Happy Trading !!