Looking at the Daily Charts. Nifty has Successfully breached down –trendline (D1-D4).there were 4 contact points hence validating its significance.similarly ,there is a horizontal Supportline acting as support at points H1.H2 & H4 and resistance at H3.
Other smaller trendline are also drawn :
1)Up-Trendline connecting 2 nd Jan low to 7th March low.
2)Down-Trendline connecting 22 nd Feb high to recent 14 th march high.

These two smaller trend-lines may form a symmetrical –Triangle on the charts.As can be seen on volume data that Nifty advanced on an increasing volume but now the volume is constantly declining in the Triangle area.Adding to the confusion ADX is not trending and RSI is also in equilibrium level indicating congestion area. Immediate Support/Resistance are placed at 5171/5500.break-out on either direction would determine future trend in spot-nifty.

Please express your views

After a week the situation is still the same though the Triangle is clearly visible now.
Support /Resistance of Triangle are at 5200/5430.A break-out on either direction will add 460 nifty points to the support/resistance levels.Thats a target of 5890 on upside and 4740 on downside.

Similar Triangle formation can also be view on Point & Figure 1-box reversal Chart with 5200 as the trigger point for downside breakout.