As discussed earlier I had made some assumption that the long term uptrend is intact till the long term trend lines are intact. Now we can see that there is a break of this trend line and it has happened with some decent volume. So the assumption have been violated. Surprisingly enough NIFTY have still stayed over 5200 mark.
In broad term we must have broken various stop loss if not we must watch for the same as that is the only way to protect the capital. One of the main reasons for this breakdown is Reliance and SBI these counters have seen new lows and have dragged NIFTY and SENSEX into the new bearish zone.