Bull Case : Closed well above the downtrendline and took support on it during intraday correction.The close has scaled the green neckline too and is now decisively above the 200 dema.The 20 and 50 demas are now rising rapidly in a bullish crossover.
Bear Case : A doji candle which closed the morning gapup indicating bears still active and not given up.Appearance of a doji at this stage of the rally with overbought oscillators could mean a possible reversal.Cross of 5399 peak still pending.
Nifty is overbought and is in a strong resistance area.The appearance of a doji could very well be indicating a reversal of the uptrend.Keep tight stops on longs at 5160.
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