The present High at 4794 just touched the upeer line of the Falling wedge in Day Chart.
The Longs are terminated at 10.AM as the close was 4715.
Currently there are few interesting clusters between 4680-4720. Today being the week end , a Close below 4680 would warrant more downsides and only a close above 4720-30 would warrant more upsides.
Supports:
Week Pivot -4680
Day Lema -4690
100 Hr MA - 4690
The 50 Hr MA is at 4701. So a fast rise set up in Hourly charts with 50Hr MA and 100 Hr MA.
Resistances:
10 Day EMA - 4718
13 Day EMA - 4722
Month Lema - 4730
There is a potential fast fall set up in Day charts with 10 DEMA and 13 DEMA.
A Close above 4680 (week level) but below 4730(Month Lema) today - would lead to a sideways move and next week Nifty is likely to reach 4800 ++. A Close above 4730 would warrant more swift moves.
Whereas, close below 4680 would give swift downmoves.
Next entry would be taken based on today's close.
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