This Chart is a prime example of Window Support or resistance, here the Nifty has made a gap up opening afrom 5092 levels...and is taking a support at the these levels, you can observe the Gap was filled by the Green candle which opened lower however it closed above the Gap support , if this Gap is breached on an hourly closing basis Nifty can then find support at 5050 levels and then subsequently at 5011 levels which are weak supports..

In short if the 5092 levels are broken in hourly closing basis one can create fresh Shorts as the overall Trend of the Nifty is weak (Refer to the earlier post on 9th August).

As expected the Nifty Hourly chart broke the support of its window 5092 levels and then it went on to test it first support at the expected levels of 5050, now you can also aobserve that Nifty which had a support of 5092 levels is now facing it as a resistance.