Nifty Intraday Chart - 5 mins:Nifty clearly formed a trading range from 27th July till yesterday, demonstrating price distribution. It gave a break down from the range giving hints to the change in the short term trend. Now
4527 - 4533 may act as good resistance.
Nifty - Hourly Chart:On the higher side
4527 - 4533 may give initial resistance. Nifty has to cross this range decisively to give some strength to bulls. If this range is taken out with confirming volumes then the chances of reaching the top line (
4608 levels) is prominent.
4680 may act as next major resistance.
At present Nifty is looking weak, it has to move up with good volumes or gap up above the resistance levels (which is unlikely for tomorrow) to resume the up move. On the lower side it may take support at
4460 levels. Below that it may reach up to yesterday's low.
4390, 4340 may act as next support levels.
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