Nifty closed below 200-Day EMA(today at 5651) yesterday and before it Nifty closed below it on 25-05-2010 for one day and recovered next day as well as formed new top of the rally within 2 months. Sustaining below 200-Day EMA will be confirmation of long term trend coverting into downward direction. Although negative factors are high at present but sustaining below it not expected and recovery expected because intermediate term correction Wave-3 is on and it should be complted near about 200-Day EMA. Let market sustain below then bearish market will be considered otherwise outlook will remain bullish for the reasons already been given in last 4/5 sessions Outlooks.
Nifty traded last 25 minutes near 5600 yesterday and first of all 5600 will be watched for next immediate move confirmation. Sustaining beyond will be confirmation of immediate survival/termination of Long term trend. If Nifty sustains above then hopes will remain alive and sustaining below will mean long term trend is confirm down. Although strong support at 5630 broken down by force yesterday but it is matter of long term trend decision therefore 100% confirmation is required.
Let market finalise and sustain then will be explained according to the conclusions from intraday charts.
Long Term Trend is at stake and not down yet.