1. A falling trendline is plotted with joining the recent two significant lower tops and when it is
extended, a resistance is curving at 5020 levels. Another short term trendline plotted by joining
the intermediate tops would act as a hurdle around 4920 levels.
2.The immense two bearish gaps are still alive and these might be the most definitive hurdles
ahead. The most crucial one is the big bearish gap which was formed on 5th August. For almost
two months this gap is remaining unfilled. The upper end of the gap is 5330 levels and lower end
is 5230 levels and both these ends of the broad gap would be the hurdles for bulls. A selling is
always happening by reaching those levels hence pointing towards the influence of bears around
those levels. Probabilities reveal that the bulls have to wait much longer for filling this gap and
making a turnaround in trend.
3.Another major gap was formed on 22-September which was another bearish gap. The lower end
of that gap is at 5059 and upper end is at 5133. Towards upside, both these levels will be the
harder task for bulls.
4.The candle for the day and also the week was a Doji and such a candle point towards the
indecisiveness prevailing about the further direction. Doji is a candle having virtually same
opening and closing. Both bulls and bears would be battling each other for owning the days for
them.
5.Towards downside 4720 levels would be the imperative support and any breakage below those
would be drag towards 4670 and 4540 levels. The foremost undertaking for bulls would be 4750-
5060-5110.
6.The regarding values of significant moving averages are as below. In the upcoming trading
sessions these might act as resistance for bulls.
30 DMA : 4966
30 EMA : 4984
50 DMA : 5066
50 EMA : 5071
100 DMA : 5290
100 EMA : 5230
7.Wave -5 have formed unusual Ending Diagonal Triangle => 5168 on upside and 4720 on downside become critical level for decide trend .
Other wise ,we will have side way market between 4720 and 5168.
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