Yesterday it was a clear up trend day inspite of all global weakness. NIFTY was showing very good strength during intraday and it looks like bulls have not yet given up.
Also in the intraday pattern a powerful bear trap is seen at 4450 levels and it is now very clear that as long as NIFTY is not going to break 4450, a new uptrend can begin.
This is also due to the fact that the 20 DMA has been retested and so the trend has cooled off a bit for it to gain momentum again.
Having said this, a clear break and close of 4450 levels at this stage will prove to be a winning move for the bears and can push NIFTY all the way to 4100 levels in the short term.
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