The whipsaw continues within the flag. The red trendline from January 2008 highs proved resistance once again today.The Nifty seems to be forming support around the 5225-5233 area shown in thick red line. Technically today's candle formed an Inside Day pattern.The range though was the same as yesterday minus just a point from the top and 2 points from the bottom, showing no conviction from the bulls or bears to take decisive action.However the fact that the volumes were substantially higher than yesterday , points towards more selling pressure than buying pressure.
The 5 and 10 demas continue in sell mode. The 20 dema has provided good support once again.The daily Macd continues in sell mode.
The range of 5210-5367 is still unbroken. Unless there is a breakout from these levels whipsaws will continue.
Supports are at 5225-5206-5182 and Resistance at 5291-5350.
Happy Trading !!