The hanging man's bearishness was confirmed with a huge bearish candle which gapped down on open and made no attempts to cover the gap.The green neckline and the blue downtrendline proved stiff resistance.Close below the 200 dema as well as 5 dema.Channel support at 4959, 20 dema at 4965 and 50 dema at 4913 will offer support.Gap made at 5165-5204 will be stiff resistance and till that is overcome the trend will be down.
Nifty has respected crucial resistances and that is the point to be noted in deciding whether the trend is up or still down.The daily chart below is a reminder of the broadening top.The Nifty has closed below the peak of 5099 it had scaled showing a false breakout.
Look for selling oppurtunities on a rise till the high of 5217 and the downtrendline is not taken out decisively.
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