Calculate the Exponential Moving Average (EMA) of Sensex during the period given in the case study and suggest whether the market is bullish.

Date 1 Sensex 2 EMA for Previous Day 3 1 - 2 4 3×0.081 5 EMA 2 ± 4 12.03.2024 20,100 20,400.00 -300.00 -24.30 20,375.70 13.03.2024 19,950 20,375.70 -425.70 -34.48 20,341.22 14.03.2024 19,900 20,341.22 -441.22 -35.74 20,305.48 15.03.2024 20,050 20,305.48 -255.48 -20.69 20,284.79 18.03.2024 20,600 20,284.79 315.21 25.53 20,310.32 19.03.2024 20,650 20,310.32 339.68 27.51 20,337.83 20.03.2024 20,700 20,337.83 362.17 29.34 20,367.17 21.03.2024 20,900 20,367.17 532.83 43.16 20,410.33 22.03.2024 21,100 20,410.33 689.67 55.86 20,466.19 Conclusion – The market is bullish. The market is likely to remain bullish for the short term to medium term if other factors remain the same.