Bullish views were expresssed in following lines at 01:30 pm last Friday when Nifty was at 5220:-
"As no clear distribution pattern in last 4 months EOD charts therefore 1st Jan 2011 bullish markets hopes are still alive despite all negative developments"
Bullish moves proved in weekly(14-02-2011 to 18-02-2011) and continuation of rally also told in today Pre-open outlook. As signals of 5th wave begining therefore 1st Jan 2011 bullish markets hopes fulfilment possibility is high. Although long term and intermediate term trends are stil down but expected that Nifty will finally cross all resistances and all the trends will be up after sustaining above 200-Day EMA.
Next resistance range is 5460-5520 and its crossing expected in the coming sessions after some more consolidations within it.
As 4th wave termination and 5th wave begining signals therefore views are so bullish from last Friday.