Nifty Future for June 30 - Inder Bhatia

The Indian market closed on a deep red note. Market saw broad selling across the board and all the gains of June 25-26 were washed out in single trading session. Now the upside rally is limited to 38 percent or 50 percent maximum of the downfall. On the hourly chart shown above, I had shown that Nifty is making lower tops and lower bottoms, which is a weak sign. Even the upside ralies are very fast and small, as compared to downfalls. As you can see on chart, the white line is the downfall and the yellow line is the upside small rallies. The red trendline is showing lower tops and lower bottoms. On the lower side 4032-3972 would act as a strong support zone, while on the upside, 4190 -4300 will act strong resistance zone.