Nifty-EOD Chart(21-Oct-2011):-
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1- Range bound within 4720-5229 for the last 52 sessions.
2- 9 Sessions trading between 4964-5160.
Resistances are as follows;-
1- Old Resistance 5145-5220
2- Selling between 5135-5155(on 17-10-2011)
1- Selling between 5102-5120(on 21-10-2011)
2- Selling between 5088-5098(on 21-10-2011)
Support are as follows;-
1- Buying between 5012-5035(Strong support)
2- Buying between 4970-4983(Weak support)
Conclusions
As good selling at higher levels on 21-10-2011 therefore slipping below 5000 and testing of above mentioned supports is possible in the coming sessions. As no strong support between 4720-4964 therefore sustaining below 4964 will mean sharp fall.