Nifty 90 min charts
Nifty and Bank Nifty charts are in sell mode on the 90min charts with resistance coming around 5320 and 10400. If nifty breaks on 90 min charts then traders could enter into positional long trade. One the Down side 5200 is currently protected by 5200PE writers. Trend will be consider as a serious downtrend if 5200 breaks on EOD basis.
On the weekly charts Nifty has been protected by the 5EMA(Low) line for the past 4 weeks and oscillating between the 5EMA low and high line. And the weekly supports coming near to 5234 zone. Any close below this 5EMA(low) line indicates a major bearish trend change for long term. Until then marketcalls state this current market as bull market