Weekly Chart I
Weekly Chart II
Nifty stopped near the fibo confluence of 4786. Holding 4650 is extremely important as is obvious from the fact that it is the neckline of the inverted head and shoulder pattern which formed over a year and two months from June 2008 to August 2009.The target for this pattern was 7050.If the 4650 level breaks then the pattern would be invalidated and we may expect lower levels.Key resistances are 5275, marked on the chart and 100wema @ 5301.
Lower targets marked on daily chart
Half Hourly Chart
Resistances on a pullback, which is due now, marked on half hourly chart.
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