Weekly Analysis - Nifty

Nifty seems to have found its feet in a proper fashion. The good closing in last session was a very positive thing to have happened. Now 5880-5900 can be regarded as a safe support. If we have a look at the daily chart the Nifty seems to have made an ascending triangle. The resistance of 6050 seems now the only meaningful resistance. But the bets now should be only on long and not on shorts. Any short position should be immediately covered as there may be a breakout any time. Also the 20 day EMA is all set to cut the 50 day EMA from below which is another positive indication. Refer the chart below.

Short term support - 5880-5900. Medium term support - 5750-5770 (seems more or less the base).
Medium term resistance (Short term target - 6300). Short term resistance- 6050.

Thanks and regards,
Vishal Surana
9831445549.