Will the making continue?

Heavy Put writing witnessed in Dec 2600 PE.

Heavy unwinding witnessed in Dec 2600 CE.

2863 - 61.8% Fib ret. of 2253 - 3241

20day EMA - 2792

Close – 2788.00

20day SMA - 2781

20day TMA -2757

20day WMA-2726

ADX bullish, MACD positive, Ultimate Oscillator bullish.

Nifty today was successful to climb up some of the weak resistances. It is to be seen how long it can sustain above it. It will be better if it can spend considerable long time, as it can help to lift up this support (earlier resistance) levels.

Warning – Fast Stochastic can turn into sell mode at any time and give a knee jerk. Par. SAR not supporting the bullishness. Bollinger Bands contracting which can throw in high volatility soon. Within last three months nifty have fallen from 20day EMA (now 2792) which is yet to be conquered. So please be careful with your longs and cautiously go short.

Bears can return with great vengeance.