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MARKET TESTS 200DMA  – 27/01/2012.

HAS THE LONG TERM TREND REVERSED?

This week was no different from last week as the market continued its show of strength and in the process breaking strong resistance levels. For the first time in this entire correction, indices have managed a close above the 61.8% Retracement level of the immediate previous fall. The question is whether the long term trend has reversed? In reply one needs to keep in mind that the market is just below the strong long term resistance in the form of 200dma (Sensex – 17331 and Nifty – 5204). In fact there is a strong confluence zone being formed between Nifty 5204 – 5254, crossover of which will determine the long term outlook of the market.