NIFTY @ 200 DMA

Nifty is hovering around 200 DMA @ 5620. Today being Month and week close - a close below 5620 - 200 DMA would pull Nifty down below 5550.

Few Charts:

NIFTY DAY MA:

200 DMA @ 5619.5. AN EOD close below it would be very bearish  The Channel Support is at 5570-80. An Intraday bounce can occur at these levels. Today's closing below  Month LEMA at 5642 would be very bearish  and it would be an occurrence after 9 months last being on jun 2012.

The downward trending channel support is way below 5550. As per the above chart breaking of 5600 and 5570 decisively, Nifty would easily get down to touch 5500.

Hour chart:

The Falling wedge breakout would occur only above 5655-60. Supports possible at 5580, 5570 levels.

Synopsis:

SUPPORTS - 5570-5589 - CHANNEL SUPPORT
EOD CLOSE BELOW 5620 MORE DOWNSIDES, ABOVE 5620 - MAY BE A PAUSE IN DOWN MOVEMENT AS 200 DMA IS HELD.