The More I study the stocks, I am of the view that we are still in the "B" up, targeting the 200 DMA at 4950 (With in which we are trading the "b" of the "B" wave; Only falling beyond a 61.8% retracement of 3790 - 4638 i.e below 4113, should I change my views). Let me, then, wait for few more days to change my views.
Nifty is falling down from 4538 and its internal waves suggests a fall upto 4130 to 4160 in the next one to two days time periods during which it will have resistances in three stages of 4250-4260; 4280-4260; 4300 to 4325.As and when the projected five waves are complete(If its a "ABC" down from 4538, you may not see a 4th & 5th), the daily & hourly will bottom out and a bounce/ rally will materialise. I have been stating often on the importance of channel trading when things are unclear at times and I still feel its importance is not realised by many short term traders who are not able to adjust to the fast changing markets because their time frame is all confused.
Hourly internals likely to become oversold in 5 to 10 hours during which time the market will find a temperory bottom and rally from there. The quality of the rally (Pricewise faster compared to the internals or vice versa)will determine the future direction and its duration.
NOTHING FAILS LIKE SUCCESS:
You are most vulnerable when you are successful. Success actually breeds complacency, inefficiency and worst of all - arrogance. When people get really successful, they fall in love with themselves. They stop innovating, working hard, taking risks and begin to rest on their laurels. They go on the defensive, spending their energy protecting their success rather than staying true to the very things that got them that success. When you are making money, you tend to get sloppy. The more successful you become, the more humble and devoted to your work you need to be. the more committed to efficiency and relentless improvement you need to be. The more value you need to add. Because the moment you stop doing the very things that got you to the top of the mountain is the very moment you begin the slide down to the valley. (The greatness guide by Robin Sharma)