NIFTY NEAR SUPPORT

NIFTY : WEEKLY CHART

As shown in the chart nifty is near it's support, which given support many times in past so there is possibility of bounce back. But if 4700 is taken out then next support comes from lower trend line of down trending channel which is approximately at 4450- 4500 level. So if 4700 is taken out it may target 4450-4500. And if it breaks lower trend line then it may feel ELECTION GAP created on 18 may 2009.

Also note that if 4700 is taken out as shown in below chart the long term trend line around 4650 may also try to give support.

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