Review of the fall: 5225 & 5205 was discussed as a most critical support for the resumption of the uptrend. On 20th it broke down 5205 by making a low recorded @ 5195 and retested 5225 (reached 5229) but failed to sustain above. Immediate support discussed for 21st was 5180. Gap down opening created low @ 5183 and retested second pivot zone of 5205 (high made 5207) but again was unable to trade above that, thus creating a shorting point. Today will first give the positional views.
From positional perspective 5185 and 5235 are biggest hurdles as of now. No Reversal of the new downtrend can be possible below that.
Support: Immediate support lies at 5080 again. Open-low same can bring some chance for intra day longs for 30-40 odd points where as a gap down below that will immediately bring 5026/20-4990 and finally 4970 zone, below that further crack towards the levels given on the above chart.
Resistances: Now we are in zone where resistance are more precious than supports, and that's only because of shorting opportunity. 5105-5135 are such levels as of now. In case we go above that, 5160-5185 will be another shorting band.
thanks a lot for giving superb analysis at nifty 5205 & 5225lvl
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