Destiny of Nifty

Whole day spent answering people where Nifty is heading. Though the good news at European front has given some respite to the falling bourse still it isnt strong enough to sustain the selling pressure that is apparent from this chart.

See the Nifty is about to revers at the brink of larger EMA where as both lines on MACD are too lower than the zero line make it bullish. Moreover stoch is about to make a bearish crossover that too on the upper end.

Nor convinced. Lets have another look.

MACD lines seems reluctant to cross above zero line and stoch has already started it journey back from the upper end. So shouldnt we expect Nifty below 5950. We should.