Nifty on edge with closing below 5400. Watchout for red, green and black long term trendline on weekly charts for future action. Nifty is now testing the breakout level of sep 2010. If this trendline ( red) holds then the bull run is still intact. Break of red trendline may quickly bring the 5200 odd levels on green trendline and if that fails to suport then black trendline (4900 odd) is the last hope for eternal bulls. However green trendline (5200 odd) is the boundary line below which bear market starts and nobody knows how exactly it pans out. As Illango sir beautifully mentioned on Just Nifty " Just Stay with direction, wearing the appropriate uniform. Underwears may change...Main Uniform is quite important."
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