Nifty(4866.70): Markets took eight sessions to rally from 4640 to 5099 but it has just taken 2 sessions to wipe out a little over 50% of those gains.
Nifty intraday charts
A relief rally now to something under 5000 mark would mark wave ii of the wave 5 (see chart). More specifically, the ideal level for this relief rally to end would be 4935 or 4980. So if our reading technical pattern of the intra-day chart is correct, a very powerful move (wave iii of 5) that challenges the Nov low of 4640 should evolve post this relief rally. As mentioned last week, a new low on or before the 21st of December seems likely.
Supports: 4810 and 4640 Resistance: 4935 and 4980