NIFTY EOD Analysis as on 23rd July 2010

 Green Candle with small lower shadow and big upper shadow, showing that during the day Bulls were on rampage, but by the end of the day, bears succeeded in pulling the price low and close was below the day's mid point. Volume was higher than yesterday, showing buying pressure.

EMA3 is above EMA13 (+).
Slope of EMA 13 is up.(+)  EMA 13 is at 5378 level
EMA13>EMA39.(+)

Answers for Yesterday
Today's Bearish Signals:
1) Candle looks a bit like Hanging Man, but we need confirmation to be sure.

NIFTY rightly moved forward today, after making the pivot low 2 days back. Volume also supported the upmove. The candle of today looks a bit like Hanging Man. But, we need confirmation to be sure. So, let see what's in store next.

Questions
What is going to happen next? Let's wait and watch.