Interpreting Stocks - 6th May 2010

NIFTY EOD Analysis as on 6th May 2010

Black candlestick with lower low than yesterday's low. So, the Hammer which was formed yesterday is negated as a reversal signal. Today's candle has a longer lower wick and no upper wick.
MACD is showing -ve bias.(-)
Stochastics is showing -ve bias and has entered oversold area.(-)(~)
EMA5 is below EMA15 (-). EMA5 resistance at 5155(-). EMA 15 resistance at 5218(-).
Slope of EMA 5 is down(-).

Answers for Yesterday
There was no reversal. But, today also a candle with longer lower wick and no upper wick was formed. The candle doesn't look like a hammer, but bulls managed to fight back.

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

World Market Analysis as on 5th May 2010