Nifty Long Call Initiated by Nifty Trading System [Click on Link to Know more about Nifty Trading System]
Nifty spot has crossed 5 EMA over 20 SMA on upside with MACD also showing positive divergence.
As stated in Post we can initiate longs in Nifty with SL of 5855
On Upside if we are able to cross 5954 on closing basis we can see a rise till 50 DMA @ 6040 and 6069 within 2-3 trading sessions.
Nifty Weekly Chart
On Weekly Chart we have formed a Bullish Hammer Formation [Read More about it on clicking the Link] which again is having bullish implication.
We have closed above 5 Week EMA @5913 which is Bullish sign.
RSI is also showing positive divergence which in all is creating positive view for nifty.Close above 50 DMA is must for furthur upmove in coming 2 weeks.
A breakout would be confirmed of this pattern if Nifty trades above 6,060, in that case upside could be seen more than 200 points to 6,300 level.
Nifty Weekly Pivot:5900
Weekly Resistance:6005 and 6061
Weekly Support:5844 and 5870