Yesterday , It was panic after disappointing IIP data . NF made low @ 4900.10 and close @ 4931.35.

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Strong Hurdle 5138-5234.

Bear will keep attacking when ever it come closer above Range. 

90 days Correction will  END on 17th May -21st May2012.

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Above 4950 NF will  Touch 4970

If crosses 4970 then 5020-5050.

Below 4932 problem for bulls 

It can slide upto 4830-4811.

above is Nifty Weekly chart

Above  is Nifty Monthly chart.

Note.

4811 is last hope for bulls  If break then NF can touch 4314.

For Bull NF Have to hold low made till 21st May2012 and It have to cross 5234.

NF Below 5234 Trend will be negative  Weekly close below 4811 will make panic  in Indian market.

17th May 2012- 21st May 2012.