Hourly chart 15.09.2011
Well...Nifty dances always differently than what we anticipate.
Instead of the fall towards 4750, past two days price action with the volatile rallies and fall, difficult to take a call and sit tight. Getting into trades with stoploss getting hit both ways will only be the result of volatile movements.
However, the median lines has given an outline for the direction.As price did not breach 4911 low, the consolidation and the rise in the upsloping blue channel indicates the short term upmove till 5100-5150 levels as expected earlier.Beyond 5150 - above 5175 then further upmove should unfold, otherwise the great fall till 4700 should materialise.Watching out 5100-5150 band for the resistance.