Discussed 5080 zone is really playing critical. We talked about that place in the post for 21st and low and high for 21st a& 22nd were 5072 & 5074 respectively. There lies the pivot for recovery on the upside. All in all the immediate trend is down and impulse moves are on the same side.
Supports: 4975 is immediate. Sustaining below that will be threat to break the 4940. Violation of 4940 can certainly bring 4860-4820/15 before any moderate bounce.
Resistance: 5080 is absolutely crucial. Sustaining above that Nifty can gain some upward momentum for the upside towards 5110/20-5165/80 and decide further movement.
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