Rising wedge- bearish pattern

Nifty is managing to stay above 5050, but struggling to
move higher on account of weakening momentum on
hourly charts. There’s been a continuous negative
divergence between the index price and momentum, so
the only thing which can lead to higher moves is
maintaining the averages on hourly as well as daily charts.
The volumes too are drying at higher levels. So, in short
term Nifty above 5050 can go up to 5150, which is also
our short-term target. Nifty is forming a rising wedge
pattern which favours bears. In nutshell, there is a crucial
support at 5030 and 4940 on the lower side, and till those
are maintained we may see some buying at lower levels.
On the daily chart, Nifty is trading above its 20 daily
moving average (DMA) and 40 DMA at 4894 and 4901
respectively, which are now the supports in the near term.
The momentum indicator (KST) has given positive
crossover and is close to the zero line. The market breadth
was positive with 720 advances and 555 declines on NSE
and 1,635 advances and 1,273 declines on BSE.
On hourly chart, Nifty is trading above its 20 hourly moving
average (HMA) and 40 HMA at 5048 and 4997 respectively,
which now are the supports in the short term. The
momentum indicator (KST) has given negative crossover
and is trading close to the zero line.
Nifty and Sensex ended in red marginally 8 and 52 points
respectively. Of the 30 stocks of Sensex, Tata Motors (up
3.14%) and TISCO (up 1.68%) were the top performers
while ICICI Bank (down 1.47%) and Reliance Infrastructure
(down 3.20%) were the weak performers.