The chart, in short term if Nifty sustains above 4750, levels of 4840/4910 could be expected on the upside. The downside support can be expected at 4630, on breaking 4630 levels 4600/4560 can be seen. 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. On monthly chart, according to rising demand line (Joining from the lows of Aug 2009 (4353.45) to the low of May2011 (5328.70), breakout of 5480/5490 levels would indicate selling pressure. Any move beyond 5480/5490 level on monthly basis would only negate the bearish view.
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