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1- Resistance at falling trend line
2- Lower top formation(Bearish pattern)
3- Support(5343)
4- Support(5178)
Conclusions
Nifty faced resistance and after that lower top formation(Bearish pattern) seen in last 3 seesions,as these two bearish confirmation on EOD chart therefore it is coorection confirmation and next supports are as follows:-
1- 5500-5550(Good consolidation)
2- 5320-5343(Gap)
3- 5250-5320(Good Consolidation)
Strong rally was seen in June 2011 between 5195-5740. Fibonacci retracement levels of this rally are as follows;-
13.0%-5669
23.6%-5611
27.0%-5592
38.2%-5531
50.0%-5467
61.8%-5403
70.7%-5354
76.4%-5323
78.6%-5311
88.6%-5257
Resistances
1- 5573-5595
2- 5605-5740
3- 5710-5740
Global markets are melting and bearish formations got confirmations after higher levels selling yesterday therefore more down moves possibility can not be ruled out. Indian markets are trapped between strong supports and resistances and today fresh selling will mean deeper correction and confirmation will be slipping below 5500.
Nifty will first trade between 5500-5573,Red closing and weaker market expected today.