NIFTY Weekend Update

• We have a bearish engulfing in daily chart. But price in daily chart is staying above 20 and 50 SMA.
• Daily MACD is moving towards a sell. But Weekly is showing a Buy signal
• Price closed below week High EMA. But Day low EMA gave Support.
• Last chart shows price unable to close into the descending triangle pattern.
• So the direction is not clear. 
• To confuse matters Further Nifty's Closing was Negative But Dow and S&P has closed with Huge gains which looks good for bulls. 
• For news watchers We have one more weekend meeting to watch from Europe which might effect the way world markets open on Monday.
• Closing above 5170 will favor bulls, But the up move may not be big It might extend till the GAP area at 5230. Closing below 5 Day Low EMA may take nifty towards 4910 levels.
• DIAMOND OF NIFTY