Nifty May 07, 2013

In the chart above, we see that long term moving averages are crossing over through a
Golden Cross formation. This is very positive for the Index.

Secondly, Nifty has declined a downmove at each of the points marked as 1,2,3,4 & 5 above.
1 was a hammer in an uptrend, 2 was a double Harami, 3 was a Doji, 4 is a Harami again,
and 5 is the offer declined. Further the last bar shows a decisive move above the new 
found support L2.

Our bull scenario has gotten re-inforcedand L3 is the next target which is level 6112.
Nifty remains bullish.