Finally Nifty broke 5140 level as mentioned in the previous posts but now it could not sustain much time. So, is this false breakout with indicators being relaxing from over bought zone till nifty moves to 5060 and 5040 levels? It may happen.
It clearly indicates 5180 being another tough nut for Nifty on the upside. Downside 5040 is the key level that should support for further up-move in Nifty. Breaking the 5040 support may drag it to 4990 with ease. But the only concern from Global sentiments is Europe Debt crisis which can give little bit turbulence for our markets on and off.
Added to the above levels, Nifty Ichimoku support in 60-min chart lies at 5076. So a 20 point filter is not bad for small longs at that zone with 5040 stop-loss.
Nifty Hourly Ichimoku Chart
Nifty Hourly Chart
Nifty Daily Chart
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