On Nifty weekly chart SMA of 50, 100, 200 bars had crossed at same point in second week of December 2009, which in my views signifies long term bullish trend for Nifty.
On February 2010, price jumps from 200 days moving average and at same time it was also resting on 40 bars weekly moving average
For Today April 7th 2010 my views is as follows
- RSI need to move above 70 for at least one week before taking downtrend
- Whenever William% rises sharply to oversold jone it need to wait for at least 3 to 4 bars before reversing; so in my views NIFTY position is intact above 5300 and it's target is 5410/5445/5477