Dear Chintan ,..
First ,.. The chart ur using is I Guess YM- Sup.Resistance which i m hav in in metastock but i dont have the password for that formula ,..!!
NExt ,.. the green line u think ,. is not support .. it was a target1 for nifty.
The blue line is target2.
and Red line behaves as stoploss..
for me there was support existing @ 5060 levels before it fall. U can check older chart too .. if u will search somewhere ,...!!
This indicator has one limitation... It wll give u entry signal for the very long term .. so u will have to keep on hanging for the signal to get generated. so its not for someone who wants to go swing trades.
Rk,.. as far as how i dereived those target lines ... its simple using fibbonanci target zones.
IF u can not see the entry price arrow ,.. i will try to send u better n bigger chart but someother time.
Till then regards ,..
n all the best ,...
Darsh