Intermediate and Short term trends are already down in ongoing correction. Long term trend is up and its decising most crucial range(5120-5190) has been tested today, this range is containing little above and within it following crucial levels:
1- 38.2% Retracement Level- 5209
2- 55-Day EMA - today at 5201
3- 200-Day EMA- today at 5188
4- 200-Day SMA- today at 5165
Above 3 levels have been tested today. Correction is on and sustaining below 5120 will be Long term trend turning down confirmations. Down moves are continued and let it stop and consolidations/base formations start then beginning of correction completion will be considered.
Nifty is trading between 5185-5243 today with higher levels selling therefore more down moves possibilities can not be ruled out.
1- 38.2% Retracement Level- 5209
2- 55-Day EMA - today at 5201
3- 200-Day EMA- today at 5188
4- 200-Day SMA- today at 5165
Above 3 levels have been tested today. Correction is on and sustaining below 5120 will be Long term trend turning down confirmations. Down moves are continued and let it stop and consolidations/base formations start then beginning of correction completion will be considered.
Nifty is trading between 5185-5243 today with higher levels selling therefore more down moves possibilities can not be ruled out.