Interpreting Stocks : 20th July 2010

NIFTY EOD Analysis as on 20th July 2010

 Red Candle in a rangebound market, with low volumes showing that the supply was less today.
NIFTY is approaching the support level at 5346 level. IF Global Cues favour, we may see a bounce from this level to upside.

EMA3 is above EMA13 (+).
Slope of EMA 13 is up.(+)  EMA 13 is at 5346 level
EMA13>EMA39.(+)

Answers for Yesterday
Todays Bearish Signals:
1) MACD and Price -ve divergence.
2) MACD on the verge of giving a sell signal.

NIFTY is moving in a rangebound market since the past few days and falling downwards.
Supply has been reducing now and NIFTY is approaching the support level at 5346 level. If all favours well, we may see upmove from this level now.
Also, the 5400 level resistance is acting as a barrier to move up. We are really in a tight range now.

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