Nifty Daily Chart
As said in previous Post Nifty is looking weak technically as unable to retrace 38.2% of its fall and Break of 5471 will make it correct furthur.
Charts discount everything and SBI results proved a Reason for Breakdown
How Long can this fall continue?
IF we draw the trendline from Low of 4200 we can see Support coming at 5365 levels.Nifty should halt its fall near this level and we can see a sharp and swift short covering rally offing as Indicators are oversold.
Nifty Hourly Chart
On Hourly charts again we see a breakdown as soon as 5471 got broken Nifty Moved quickly till 5421.
Support will become Resistance now so watch out closely for 5470 and 5509 for todays trade.
Levels to Watch
Support:5421,5398 and 5365
Mentioned Levels are Spot Levels.