After Nifty Broken the important support of 5406 & 5370 - Friday counts became invalid and Negated.
Now as shown on chart, Nifty trading below 23.6% retracement of 5370 should find support at 38.6% which is 5209.
As far as Nifty trading below 20dma may favour Bears Only.
Also my Earlier Post on Feb 23rd about a H&S Break Out for 167 Points for a Target of 5280 is almost done today.
http://niftyforall.blogspot.in/2012/02/channel-broken-preparing-for-another.html
Earlier Post on 23rd Feb.
Happened today with 186 Point fall after H&S break down from 5454.
