Nifty Triple top formation

Nifty traded in a range of 5030-4940 finally closing around
5000. It is struggling to sustain above 5000 as there exist
a crucial resistance at 5050 which is 78.6% retracement
of the fall from 5182-4538. On the down side 4940 acted
as a support below which 4850 is the crucial support for
the market. The hourly oscillators are in sell mode giving
negative divergence. Nifty has made triple top above
5000, so going forward it becomes important for Nifty to
surpass it to gain more strength failing which open gates
for lower levels. So, above are the levels which remain
key as breach of any will lead to major move.
On the daily chart, Nifty is trading below its 20DMA and
40DMA i.e. 4907 and 4951 respectively, which are now
supports in the near term. The momentum indicator (KST)
has given positive crossover and is around the zero line.
The market breadth was negative with 617 advances and
651 declines on the NSE and 1422 advances and 1440
declines on the BSE.
On the hourly chart, Nifty is trading above its 20HMA and
40HMA i.e. 4969 and 4891 respectively, which are now
supports in the short term. The momentum indicator (KST)
has given negative crossover and is trading above the
zero line.
Nifty and Sensex gained 46 and 153 points each. Of the
30 Stocks of Sensex Maruti (up 3.90%) and Ongc (up
3.07%) were the Top performers while Ranbaxy (down
0.38%) and Cipla (down 0.38%) were the weak performers.