Yesterday nifty opened with huge gap up because positive global cues, but got sell from important resistances.
Weekly trend is still down, so this market is SELL ON RISE , which should be ideally done at resistances. Yesterday it sold off at various resistances which are 1) 200 EMA on hourly chart, 2) 50 SMA on daily chart, 3) 50 EMA on daily chart, 4) 50% Fibonacci retracement of entire fall from 5400 to 4640, 5) weekly R2 pivot.
So now if yesterday's high i.e. 5011.90 is not taken out , it will target 4850, 4700, recent low at 4640 and possibility of making new low since it got sold off from so many resistances.
Whenever time permits will try to post detail technical analysis and charts.
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SINCE YESTERDAY'S HIGH IS TAKEN OUT TODAY, THIS VIEW IS NEGATED.
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