The neckline finally broke down on good volumes making the break decisive.The low of 5177 remains to be broken to confirm the bear's win . Achieving the target of 4721 would then be confirmed. Support taken on the red trendline which has been good support earlier.Oscillators are in the oversold zone indicating a pullback may be due.
Half Hourly Chart
Half hourly charts show the pullback to 5314 intraday could not be sustained.Only a trade above 5314 will bring in some upside momentum.Else Nifty will slide down the path to 4721.
follow me on twitter http://twitter.com/#!/lucksr
Happy Trading !!