Nifty has managed to close above its 100 week EMA. Previously the zone near this EMA has acted as a major trend reversal zone and has also had many fake-outs near 100 WEMA (which you can see on charts) before reversing the trend which is a possibility here. It can test upper levels of 11000+ to potentially trap bulls before reversing. A weekly close below 10728 on Nifty spot would confirm this thesis. As long as Nifty doesn't close a weekly candle below 100 WEMA this bear case will be null and void.