On Camarilla pivot point levels Nifty started of at R4 level and then gradually declined through out the day to S4 support levels
Today Nifty touched a high of 5190 then stayed there for almost close to 2 hours before steadily seeing a decline and around 5065 - 5070 levels it managed to hover around for a while before closing at 5064. It made an intraday low at 5041.
Technically still the consolidation phase is intact with Parabolic SAR pointing upwards. Nifty has touched 5060 to 5070 levels in the past and has acted as resistance and with for last 2 to 3 trading sessions it has found support around those levels
If Nifty breaks 5050, then we may see 5010, 4990 levels. Below 4950 we would then see a steep downfall. On the upside if Nifty sustains 5040 to 5050 levels then we are going to see an upmove back to 5080, 5100, 5130, 5150 to 5200
With RBI not changing CRR & Repo rates, now the focus will turn to global events. With Greek elections giving a positive note to market, next will be Fed's meeting on Wed
On Fibonacci retracement levels, joining 5630 & 4770, Nifty is very close to 38.2% retracement levels which is 5100 level
Analyzing EOD candlestick pattern on Nifty, it has formed a bearish engulfing pattern. A large red candle engulfs previous day's blue candle (refer to candlestick formed on Jun 15th & Jun 18th). Usually when such candlestick patterns appear all it says is that a downtrend is nearing, it may happen tomorrow or day after tomorrow or after a week but it is definitely going to happen
You can also refer the following link to know more about this pattern
http://www.investopedia.com/terms/b/bearishengulfingp.asp#axzz1yAep0Nr8
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:candlestick_bearish_
On Intraday charts Nifty did give a sharp decline until it visited around 5070 levels i.e. from 5190 a 120 point slide very steep enough.
From thereon, downfall got contained and almost hovered around 200 day SMA level finally it witnessed a low at 5040 just 10 points below the major support level 5050 and then bounced back to 5070 levels.
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