Nifty is holding onto strong support levels of 4840 and 4782. On the Monthly chart which shows a descending triangle on the Nifty reducing volumes which will eventually lead to a breakout eitherways on a date assumed in between January and April 2012. Retracement levels of Nifty are as follows R1 6340 R2 5721 R3 5458 R4 5332 R5 5225 R6 5150 PIVOT 4724 S1 4694 S2 4486 S3 4398 S4 4208 S5 3984 S6 3900 We are currently looking forward to a bounce back on the Nifty towards 5150 (R6) levels mentioned maintaining a stop loss of 4700, However buying is only recommended above 4784 levels. --------------------------------------------------------------