Nifty bulls are yet to cross the resistance line as shown in the last chart.

Bulls need a daily close above the resistance line and 50 Day SMA.

Yesterday the up move started near 50 Week SMA as shown in 2nd chart. Weekly upward momentum can be confirmed only on a close above 5 Week High EMA.

First chart shows a make or break level in weekly chart. A bullish candle will save bulls from deeper falls. Break and close the week below this level will add strength to bears.

• Nifty moving towards crucial support levels.
• 200 SMA at 5145.
• Recent low at 5135
• Mid Bollinger Band or 20 Week SMA @ 5129
• 50% Fibonacci level near 5080.
• Perfect scenario for bulls would be an intra week break of these levels and close the week above them thus keeping the bullish scenario intact.
• For bears daily closing below these levels will add strength confirmation on a weekly close.