Japan earthquake proved strong support at 5400 bcause:-
1- Nifty got support at 5411 today after Japan earthquake news.
2- Nifty got support at 5408 on 07-03-22011 after DMK support withdrawl news.
Today global down moves are immdiate reaction of earthquake,achual losses and its after effectes will be understood in the coming days. 5400 has become trend decider today and its sustainability side will decide give following conclusions:-
1- Nifty above 5400 will mean- upmove hopes are alive and Nifty sustaining above will mean worst is over.
2- Nifty below 5400 will mean- fast down toward 5200 and Nifty sustaining below 5200 will mean strong support breaking down and confirmation of long Bear phase.
I have already told in last 2 sessions that intraday charts of last 3 sessions within 5470-5530 are suggesting condolidations and down moves are on the back of adverse news flow in last 2 sessions.
Firstly watch Sustining of 5400 and then trade with above mentioned views in next week.
Happy Weekend and Enjoy.