Bullish Indications : Bullish breakout from the downtrending channel on increased volumes. Rsi14 and stochastics have moved above the 50 mark. Macd has given an uptick above the zero line.Close for the month is above the 12 month ema.
Bearish Indications : Resisted at the 61.8% fibo level of the fall from 6338 to 4531.
Bullish Indications :All demas bullishly aligned.Uptrendline for this rally maintained.Rsi14 above 50 mark. Stochastcis given a buy in the oversold region.
Bearish Indications : The Nifty is moving in a rising wedge and seems to be forming the next leg up.Rising wedges are bearish patterns which usually come at the end of an uptrend.Macd continued to give a downtick.
Monthly charts have turned bullish.The daily charts are in correction mode to the short term uptrend.The rising wedge normally touches the resistance line thrice so we may have one more leg up.However if the low made at 5268 gives then the correction may resume.Only a move below 5100 will put the uptrend from 4531 in danger.
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