In earlier post it was clearly mentioned that 8190-8220 area is the strong weekly support zone and as expected the darling took U turn from 8191 levels and reached the upper band in no time. For the last couple of sessions the darling is finding resistance around 8480 levels. On a daily chart the it is trading above its 20,50 & 200 DMA which is a positive sign. Besides it seems that the darling has formed Falling Wedge Chart Pattern on a daily chart which indicates the reversal of prior trend. Other indicators too on a daily chart have been the positive territory.
On a weekly chart the darling is hovering around its 20 WMA. During last week it witnessed a gap up opening on weekly chart and bulls have fully capitalize the move. Indicators on a weekly chart too are looking moderately bullish. VIX after kissing almost 19 mark has cooled down and trading in a comfort zone around 15.
In a nutshell the bias is clearly in favor of the Bulls as of now and weekly close above 8480 levels may add more fuel to the fire.
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