Nifty slipped below 5200 after weaker IIP data but sustaining below was not expected therefore doubts were expressed in Mid-session outlook. It should be kept in mind that 5200 is most strong support and trend decider at present also. Sustaining beyond 5200 will decide:-
1- Sustaining below will mean levels much below 5000.
2- Sustaining above will mean revival of all those bullish expectation from which 2011 begun.
As no clear distribution pattern in last 4 months EOD charts therefore 1st Jan 2011 bullish markets hopes are still alive despite all negative developments.