Nifty 9 Oct 2013 9:21 AM

                                                 30 mins chart

Nifty opened gap up yesterday but did not sustain above the channel and closed below upper trend line of it which is a bearish sign unless and until nifty does not break the channel upwards now downside target becomes near 5800 which is lower trend line of the channel.
In my view one should avoid trading in the channel as market may give unexpected moves in the channel.