The Nifty’s technical structure has deteriorated further following the break below 5,500 support. This breakdown ends over 10-months of ranging price action and provides us with a downside target of 4,916, the width of the old trading range project from the old support level at 5,500. Below this measured move next chart support is at the 4,537-4,700 area which includes the 2010 and 2011 lows. On the currency side the Rupee continues to work its way higher following the breakout from the 2012-2013 triangle consolidation pattern. The recent break above the July 2013 highs opens the door for further weakness towards next chart resistance at the 67-68 area.
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