In last update I mentioned above 5540 we can see a good rally and we did that above and beyond what I thought might happen.
There is no doubt - things are looking quite bullish now. I have tried to give some views in the charts below on possibilities. This week after an initial pop, we should see some pullback - Use that to exit shorts and try some longs. I got out of all shorts on Monday and took a bucketload of calls to cover the loss - I will close those today and wait to get some good long entries.
Longer term chart looks still bearish however I see potential of a change coming up.
Chart gives more idea. I will be moving focus to stocks going forward and wait to see what Nifty does.
Another look at the chart from far
Best of luck and trade safe. Do your own due diligence and do not follow anything written in this blog blindly.