Nifty is in an uptrend and is moving within a rising wedge which is by character a bearish pattern. The fourth leg up seems to be in progress which has the capability to move towards the wedge's resistance line at 6246 for the coming week.It will face strong resistance at the 5944-5971 levels as pointed out in the above weekly chart. It has shown the initial signs of a pullback.Strong supports exist at 5815-5818-5816. Bounce from these levels will be a positive for the bulls and Nifty may attempt to cross the 5971-6112 highs.
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