I'm not very good at forecasting the markets, but I'll give it my best shot (lol):
Nifty NSE 5329 5212 5141 5000 4931 -4811
A few weeks ago I focused on the the 5171 level being taken out, and 2 weeks ago that was the case. In the post of July 22nd, I mentioned the containment would be 5706 or 5761 (Actual peak was 5704 on July 25.). That has also played out. That marked the beginning of a fresh new leg south, and the break of 5171 marked the acceleration process south.
What we should now witness are spurts of recoveries, as there is starting to be room under the daily cloud for this to happen. 5181 could contain, but I would also allow for a strong spike move to the WR2 at 5212. If we go much higher than that, then look for a consolidative move east before we head south again.
The 2 next major targets south to look for any reactions from are 4907 and 4651. Regardless of what happens at 4907, 4651 is still on the radar. If we have no correction to start this week, then 4907 gets hit this week.
There is also a possibility of a longer term fall to 4300 and 3500, but that is not confirmed yet.
The numbers on top are my weekly S&R's--R3, R2, R1, S1, S2, S3, in that order.