For 24-05-2011.

Nifty future today breached and closed below last week low point.
A gap is left blank, and i think it will fill-up very shortly.

In above chart 5419-5422 is the Resistance Chanel, which was support before.
So above this Chanel if can stay, then can again go up-side, and probably can fill-up the gap.

Our RSV-line was bearish in hourly format from morning, and still not showing any strength.
In 15-M chart...The last bar was trying to close above RSV-line-3..but bar closed below this point ( 5382 )...which is showing still some weakness left in the system.

Now Tomorrow, if NF trade below 5377..Then another round of fall can start.



In this above weekly chart, nearest Chanel support is at 5348/47.
If break this Chanel support, then probably Nifty Future can go towards weekly 100 SMA
which is at 5323.

I think NF can bounce back from any of this low point, if fall from current level tomorrow.

And if NF tomorrow can trade above 5377 and can stay above 5382 up to 15 -20 minutes...

then can try to cross above Chanel resistances...5419-5422..
If can stay above 5422...then can try to fill-up the gap...and during this work if any hourly bar
can manage to close above our hourly RSV-line-1( which is now at 5442--but tomorrow it
can be at 5440-5432...will upload if can close above this)..then it can go towards...5493..

If NF can go up above 5493 and can close above this in weekly basis, it will be good for bull.
Close above 5545 weekly basis..can trigger the next very very short term bullish run..

Lets see............










All levels and charts are for my own trading purpose,supports,resistances and target. Others can use it for educational purpose.