IST Theory - The NIFTY is approaching 200dma resistance

Apart from the S&P500, I do weekly analyses of a few other
things. One of them is the S&P CNX NIFTY, the index of the
National Stock Exchange of India ( ^NSEI on Yahoo! and
$CNXN on Stockcharts ). Here is my summation from last
weekend. I put this down because as I am sitting here I
see the NIFTY is approaching 200DMA resistance. This first
approach will ALWAYS fail, though one does not know WHEN
it will fail.

=5111 rsi 49.26, 200dma resistance looming at 5149! 50dma 4916
low 4448 Jan 22 4468 Mar 18
support 4900 resistance 5150, 5400
weekly uptrending 50WMA at 5006, line retaken!!
WRSI bounced from multiple support at 40, is back at 50 and will go up

The weekly chart -



My take ( note I do not recommend trading this index ) -

We are in an uptrend. The present dip is similar to the
one in 2006. There is a 200DMA overhead. Thats a short
term scalp trade in the longer term trend which is up
as long as the 50WMA ( blue line ) does not start to
flatten out.

Thanks for your viewership!