Nifty- Daily chart

In keeping with the range bound behavior exhibited by the markets and as analysed by Shai in his Open Interest Tables, here is a daily chart of the Nifty over the past one year.

5Enifty15 05 2008 19 01 201028Daily29 Nifty- Daily Chart
The market is moving within the ascending wedge as shown.The wedge has still some time to go for it’s completion, but I’ll be watching the two horizontal lines drawn, the first of which was defended by the bulls at 5180 levels.A failure at this level should signal a 80-100 point drop in the index in quick time.The other level to watch is the region around 4600 levels.