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Nifty managed to scroll back and close above the 50 Day MA and Day Low EMA giving some hope for the Bulls.

As per Monthly charts an EOD close above 5310-20 would be the channel Breakout. As per Weekly charts and Day Charts 5230-40 levels is providing support. When this narrow range between 5230 - 5310 gets resolved - the Breakdown would drag Nifty below 5000 and Breakout would push Nifty above 5500++.

MONTH CHART:

Week charts:

Day Charts:

HOUR CHARTS:

HARMONIC CHART:

SYNOPSIS:

5220-30 - Formidable Support - trendline, Wedge, Month 5EEMA. An EOD close below this level would defintely drag nifty down below 5000.

Hour Chart Breakout Point -  Hour Close above 5280-85.

Hold Longs with SL 5250 -EOD close.

Hold Shorts with SL - 5310 EOD close.

CHECK LIST-DAY
CLOSE	5274	5 SMA	5278
PIVOT	5262	5EMA	5284
HI EMA	5312	10EMA	5306
LOW EMA	5257	13EMA	5310
prev HI	5278	20 Hr MA	5262
prev LOW	5233	50 Hr MA	5298
20 DMA	5338	100 Hr MA	5344
50 DMA	5263	200 Hr MA	5285
100 DMA	5161