valuetrading

right now three levels are important 4209(100 dma), 4100(previous low and 50% ret of rise from 3554 to 4647) and 4065(200 dma).

if this is also broken then two levels to look out for are 4010 and 3972.

Lastly, the log scale multi year nifty trend line support is near 3860(which is also 38.2% ret of total rise from 2595.65 to 4647) for the august month. It should be noted that in march the nifty had bottomed out at 200 dma which was very near to 38.2% ret of the rise from 2595.65 to 4245.

if a pullback occurs, then chartical levels on upside are 4215,4245,4300,4330,4365 and 4376(13 dma).

4354 is the 38.2% ret of the total fall from 4647 to 4171.

the nifty closing above 4376 is good for upmove, a closing above 4465 for a couple of days might resume the fresh bull run.