NIFTY Weekend Update

• Nifty has formed a Bullish candle. The long shadow shows buying at lower level. This may continue into the beginning of next week.
• Price has closed above the weekly trend line shown in earlier posts.
• MACD Bars and price in daily chart has been diverging for quite some time now and has resulted in a bullish breakout. Crossing 5490 - 5500 and closing above it will take nifty to 5600 and above.
• But Positional bears will be safe as long as price remains below 20 week and 50 week moving average. Bearish cross too seems to be working in their favor. This bearishness may get changed if nifty trades above 5700 levels.