Nifty Page:4.9.12

Daily Chart:

5/20 DMA cross & deeper length of MACD histogram and yesterday's close at lowest point --all indicate increasing downward momentum.

EW patternwise--following two Probabilities are standing out:

Or if B is taken as finished at 5333(Hour chart) or 5343(Daily chart),then C might be in play as a 3x3x3x3x3 Ending Diagonal wherein:
C1=5333-5239=94
C2=5239-5396=57
C3 in play as a 3 wave form whose
sw1=5296-5243=56
sw2=5243-5276=33
sw3=5276---likely to do 5220
C4 to come up again but not go above 5296

Yogesh Goswami asked:" would it be correct to assume this:

if 5276 is broken, its B(c) and that set of labels to be followed for trading.
If 5242 is broken, its C(sw3) and follow these labels."

Simply seen I could have said "Yes" to it---keeping in mind following two projections:

But, it can never be so simple as we may see a breach of 5276(upwards) and then again a move down in following manner:

So that way,5296 is the point that would confirm which pattern is getting followed.Though going long after 5296 may not seem that fruitful.

And thus individual trader has to take chances as per his risk-appetite.

EOD
Till 1 o'clock no clues were available but then it confirmed that B(c) was on:

And going by the length of B(c)1=5233.6-5276.5=43,we are likely to see 5330 tomorrow.

And the Hour chart shows 34HrEMA was tested today.