Nifty Page: 31-05-2013(EOD)

On breach of the ascending channel, its always better to recall historically important next support zones
First it is 5970-5945
then 5790-5830.

If we label the fall from 6229 as a simple ABC retracement of the Impulse 5477-6229=752 then
61.8% retracement=5765
And if A=6229-5937=292
B=5937-6132=195(67%)
C=A means 6132-292=5840
Thus broadly one may infer that the 5790-5830 zone may see the termination of current downwards retracement.

Posted above is a highly simplified pattern as the C from 6132 may choose not to remain so simple in its move towards 5830.
Broadly speaking, we are in sell at rise market till we reach 5830.
6025-6040 zone now becomes a resistance once again.
As per above labels, we should keep a stop-loss for shorts at 6133 as C has been assumed to have started from this point.