3.Weekly chart with important levels and indicators(check the stochs giving sell) --
6.The Fibo.Retrace targets of the upmove from 4876 to 5478 comes to 5315(23.6%) and 5215 (38.2%)
a. The Option Analysis of Aug.series, points to a support at 5300 levels and upside cap at 5500-5600.check Mok's post for details- http://o-j-n.blogspot.com/2010/07/more-charts-on-aug-options.html
b. The Ichimoku charts till show uptrend in Daily charts but are bearish in 5min,15min ,30min and hrly charts. check Mok's post for details-http://o-j-n.blogspot.com/2010/07/ichimoku-bullish-chart-of-nifty-spot_31.html
c. The Stochs (5,3,3) and RSI (9) are nearing oversold areas in 5mim,15min ,30min,& hrly charts,though still to reach o/s in Daily charts.
The above cautions of a support nearby and a bounce ,may be in first half of the next week
-The short term trend is Bearish.
-Imp. Support areas are 5315-5350 & 5215-5250 with Resistance in 5385-95 & 5420-40 zone.
-The level of 5430 can act as SAR for the series.
-Some Bounce to be seen in immediate term due to Oversold nature of the shortterm Indicators.
-Positional longs safe only above 5475 and shorts below 5250 on closing basis