Today weekly chart, in the short term if nifty sustains above 5050, levels of 5065/5095 could be expected on the upside. The downside support can be expected at 4980, on breaking 4980 levels 4940/4910 can be seen. The overall direction of the market is likely to remain weak as NIFTY has given a breakdown from the important trend-line support of 5430/5440 on both daily and weekly chart. Monthly chart, according to rising demand line (Joining from the lows of Aug 2009 (4353.46) to the low of May2011 (5328.71), breakout of 5480/5490 levels would indicate selling pressure. Any move beyond 5480/5490 level on monthly basis.
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