What a reversal… Last week, I had shown the breakdown below the pattern top trend line and mentioned about the breaking of 5840, which is a very critical level (notice bars 1 and 2). This week, both these occurrences were reversed, indicating short term bullishness. I will not be happy for this short term bullishness, until NIFTY’s weekly close is above 6150. Last week’ breakdown and this week’s pull back above the critical level combined gives me a neutral mood on the weekly chart.
Anyways, I expect larger moves next week. The direction deciding levels on the weekly scale is a close above 6150 or 5700.
The critical support for Monday is 5940
