Nifty Page: 23-01-2013(EOD)

I had concluded my yesterday's post with following remarks:
Q
And if indeed it has to bounce then one of the median in following Chart can provide that support( if not the yellow Trendline joining 5940 & 5989 where it rested on close today):

UnQ

And indeed through out the day it kept struggling around the yellow trendline and then bounced up smartly from the red median

Such bounces from pre-defined TLs or medians or ema lines can be fruitfully utilised by observing them alongwith divergence --- e.g. today when I noticed positive divergence while the median was getting tested, I could see the bounce coming:

Now where does that take us???

Are we going to test 5975 as is being illustrated in following Chart for last two days:

Or are we going to have another leg above 6101 as per following labels(also being illustrated for last two days)--

Frankly speaking,its a question of very few points so why bother??? If we go above 6101, the fall would be deeper ---- something which is being supported by negative divergence on both Hour as well as Daily Chart:

So from my side,it is a SELL ON RISE with a stop-loss at 6129 and first target of sub 5988.