Observations
- The long term trend remains negative with support at 4500 and 4200.
- On the daily chart a support of 4530 and resistance of 5100 is present.
- The current band on the half hourly chart is 4600 to 4800.
- A break above 4800 should result in at least a 200 point rally, before any resistance.
- 4800 has already been tested twice as a strong resistance.
- The 3rd of Jan saw a opening gap up of 40 points followed by a 100 point rally till the end of day.
- 4th of Jan had a consolidation of at the top with a band of 4730 to 4780.
- The last hour on 4th of Jan saw a rise of 30 points and a fall of 20 points in a bullish pattern.
Important Levels
- 4730 - Strong support. If broken then 4780 will remain unbroken.
- 4780 - Any opening above this is a bullish over next few days
- 4750 - Most probable opening.
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