Interpreting Stocks - 24th May 2010

NIFTY EOD Analysis as on 24th May 2010

A Small bodied candlestick with long upper shadow and small lower shadow, showing bulls tried to push the prices up, but faced stiff competition from bears.  Hammer formed on friday needs more confirmation to act as a reversal. Volume was comparitively low.
CMF is showing -ve bias compared to yesterday(-) showing distribution.
Stochastics is showing +ve bias and waiting to breakout.(+)
EMA5 is below EMA15 (-). EMA5 resistance at 4950(-). EMA 15 resistance at 5040(-).
Slope of EMA 5 is down.(-)

Answers for Yesterday
The course of action will depend on Global cues. It was an indecisive day today and NIFTY looks more in favour of Bears at the moment. Though, it made a higher high and higher low, the read body was small, showing bearish pressure.

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