Nifty Breaks 50D SMA

Nifty's attempt to recover did not sustain yesterday. It finally broke 50D SMA and closed below it. Now 5200 is the level to watch. India's rating downgrade news may be a trigger now.
Fibo Targets:
From     To                50%          61.8%
5032     5448            5240          5191

Nifty is currently at 50% retracement.

Nifty Closes at 50D SMA

Nifty closed just at 50D SMA. Major supports are at 5250 and then 5200. Both 200D EMA & SMA falls in this range. Below 5200, 4800 is visible. On upside resistance starts at 5300, and then 5350.
Two drops of news to watch: 1) Panel wants GAAR to be extended by 3 yrs. 2) Diminishing hopes for ratecut, diminishing growth rate leading to rating downgrade.

Nifty holds 50D SMA

Yesterday Nifty bounced from 50D SMA. Now the range to watch will be 5250-5200 on lower side and 5350 on higher side.

Nifty trailing below its SAR

Without participation of BankNifty, Nifty could not hold itself above 5400 for long and crossed its SAR and is trailing near its 20D SMA. Holding 5300 will be crucial. BankNifty has gone down too much.