|Nifty - End of Day - 18 April 2012|
Our EOD analysis yesterday (click), proposed that 5292+ would be where the Nifty saw the bullish cross of the 5 EMA and 13 SMA.
We suggested that Global cues were critical, the SP500 Analysis today morning gave us a sense that Bulls were not fully on top (click).
After the Gap up today morning the Bears shorted happily all the way from 5342 to 5293, and then closed the day at 5300 - leaving the Bulls just in the game and with a channel break.
Above still leaves the MACD sub zero.
One expects the Bulls to strengthen their case, staying above 5285, this week.
5285 is important as the last two weekly candles, currently show a developing 'Engulfing Candlestick Pattern' - valid above 5285.