|Nifty - End of Day - 09 April 2012|
Our 'Bull' option in 'Looking Forward' last weekend (see post below this one), asked for the Index to stay above the 5 EMA for a take off.
Index opened below the 5 EMA on Day charts, nixing this option.
The only other scenario presented was that, below our channel bottom, the bears would be 'strong'.
The index as one can see from the EOD chart above, closed at the Channel bottom.
So we have a stand off.
If the Nifty closes below 5225 tommorow, the 5 EMA would cross the below the 13 SMA, (bearish). Presently they are poised for a 'touch and go' (see this post for another example).
In other news, on the Ichimoku Day Charts (last studied here), we have a Kijun Sen Cross: Neutral Bearish Signal.
The 'short term' would swing in favor of the Bears, once the green channel bottom is breached.