Interpreting Stocks - 21st May 2010

NIFTY EOD Analysis as on 21st May 2010

A Hammer which found support at the downtrend channel. Is this a sign of reversal? Let's wait for confirmation.
CMF is showing +ve bias compared to yesterday.(+)
Stochastics is showing +ve bias compared to yesterday.(+)
EMA5 is below EMA15 (-). EMA5 resistance at 4950(-). EMA 15 resistance at 5055(-).
Slope of EMA 5 is down.(-)

Answers for Yesterday
A Hammer was formed today, which found support at the downtrend channel, showing that, bears ran out of steam after touching the support line and then it was bulls pullback from the support line. In my opinion, if bears continue to power, then next support will be at 4815 level. But, after a hammer today, and seeing the CMF and Stochastic bias, NIFTY should move up from here.

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