Nifty failed to sustain any move up yesterday…Next support level is near 4950!

 Nifty Daily chart:

Nifty 30 mins

Nifty continued to drift lower yesterday and failed to rally along with global peers. This raises the odds that Indian markets are still moving independent to the world markets.

Failure of Nifty to retrace even 38.2% retracement of the entire fall increases the odds that the down move is not complete. We might have started wave 5 down now which will take prices below previous low of 4950.
Nifty Daily chart shows that the current down move is moving within a downward blue channel very well. ROC looks to be near oversold state and so we do not expect very deep correction but the bias still remains down.
In short, we expect prices to move below 4950 towards 4800 zone as long as 5150 level is not taken out on upside. Any rally above 5200 might take us till 5321 levels.