In the chart, had viewed it along with short term Bollinger Bands with 5 days & 8 days (SD 1.5 being the minimum acceptable) and moving average MA (13 days) ; 5,8 & 13 being Fibonacci numbers.
Bollinger Band 5 crossing BB 8 on 05-01-12 starting a steady rise of Nifty within upper BB5 & BB5 till 24-02-12 when there is reversing of BBs, i.e., BB8 crossing BB5 along with Nifty going down within BB8 & lower BB8. There were similar change over on 13-03-12 & 20-03-12 with similarities in NIFTY movement.
Situations of these Bollinger bands & MA on 02-04-12 are identical with that as on 05-01-12 ; is NIFTY set to go UP as in the earlier occasions ?
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