We consider US market as the barometer of all market and considers its good health as good health for our & others market too. On 27th July when it gave a spectacular upward movement & crossed various important resistance, I wrote the following http://moneymystery.blogspot.in/2012/07/dowjones-spectacular-upmove.html it somehow signal rally in other market too which we saw.
I feel as long Dowjones holds around 12985 on the lower side there's nothing to worry as such for other market as well. Dow gets weaker only a closing below 12985/12980 & not before that in the immediate term.
For Nifty to move higher it need to cross the 5360 barrier and trade higher & gives a close above it. Else could correct again & finds strong support around 5302/5280-5220-5170 and as long 5170 holds on the lower side there's nothing to worry and will be considered a buy on any sharp decline keeping in view the given support levels. Nifty gets weaker only a closing below 5170 & not before that in the immediate term.
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