Nifty after the September expiry which was seen at 4943 where the trading range is getting narrow within the range, where on higher side resistance is seen at 5150 and support of 4820 is seen on lower side. Today with the negative Asian market its expected gap down opening and if sustain trading is seen below 4760 will move towards the lower level of 4710 to 4640 which is immediate support. Nifty is forming Symmetrical Triangle Pattern and is expected to give down side bread out. Yesterday it traded below the trend line but closing was just above the support level of 4760. If sustain trading is seen below 4760 and 4700 level will confirm the down trend. Difference of the triangle comes to 500 points and breakdown below 4760 will bring to 4250 level immediately. Stochastic has given negative intersection need the mid zone indicating down side move in price can be expected and it may move towards the oversold zone were further round of selloff can be expected in near term.
