Here is a self explanatory NIFTY weekly chart.
The pink trend line that started in October
2009 acted as Support/Resistance line several
times and broke 3 times and each time when
it broke NIFTY moved significantly in that
direction. Now again, the price is very close to (just
under) the trend line. So watch closely for the
nifty move in the coming week(s) for
confirmation of cross/reversal! A
confirmation here may provide trading
opportunity for 200-500 points on either side....and my prediction as earlier is Down down & Down now... Let us wait and watch!