02-05-2018 As we said in our previous blog, after taking the strong support of its 50 weeks exponential moving average and a psychological barrier support of 10500, Nifty has formed Higher High and Higher Low formation as per weekly chart which is a bullish pattern. Global positive environment also supported Nifty to bounce back move. US Secretary of State Mike Pompeo says he told Kim Jong-un that North Korea would have to agree to take “irreversible” steps toward shutting their nuclear weapons program in any deal with US President Donald Trump. Mr Kim replied positively with his readiness to discuss Mr Trump’s demand and to lay out a map that will help us achieve that objective. The next positive thing is started that The leaders of North and South Korea agreed on Friday to work to remove all nuclear weapons from the Korean Peninsula and, within the year, pursue talks with the United States to declare an official end to the Korean War, which ravaged the peninsula from 1950 to 1953. Government will release Inflation Rate report on 11th May, which forecast around 4.5% increase as compared with last month’s inflation rate which was 4.28% as per tradingeconomics.com. Taking into view the technicality, on monthly chart we can see a pivot reversal bar formation which is a trend reversal signal. Nifty Index has started its northward journey after taking its 50 weeks exponential moving average. The index is now breached above the 61.8% Fibonacci Retracement level of its last downfall from 11171 to 9951. Now, we can see bullish pattern of nifty index on daily and weekly chart as index started to trade above the short-mid-long term moving averages. As per the technical parameters, the resistance comes at 11000-11170 level and support comes around 10460-10560 level.