Still a gap near 4090 left unfilled which may act as a intermediate as of now.
Failing to close below 4090 may target nifty towards 3800 once again.
Hourly Charts
As per the houly charts nifty retraced 38.2&(fibonacci) from its recent high 4303.
And also stochastic looks highly oversold.And RSI is still in rising mode from the with a retracement upto 50%. So a possible upside rally may extend upto 4225. And on the downside Support comes near 4120-4090 range. And any closing below 4090 will strictly take us to 3800 levels
Related Readings and Observations
GANN Shorter term Update for 14 Dec 2009
Resistance at 5180 and Supports at 4980 and 4750Source:
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