Nifty is in clear downtrend now and it can take support at the following levels.
- 5280 is the immediate resistance for today if crossed then may touch 5300 not beyond this
- 5200 is very crucial as it is EMA on weekly chart so Nifty must have a bounce from this level in coming week
- 5164 this is EMA 50 day on daily chart; very important it may set future course for NIFTY
- 5087 (EMA 20 weekly) - 5059 (EMA 100 D on daily) we can see Nifty dancing between these two levels before moving to north again else it may move from these levels as well
- Last hurdle will be 4863 below this level; no clue right now.
But it will surely take at least two week for all these development. These are important levels on which we can see Nifty dancing.