Nifty continued with its bounce from lows for 3rd day with moderate volumes and +ve breadth.Important points for today.
1.Nifty up by 1.3% with 2.86 breadth.
2.3rd day of rally after 33 days down.
Nifty was up for 3rd consecutive day.Nifty has bounced nearly 47% of its 614 point downfall from 5399-4786.Given the strong momentum in Nifty with +ve breadth,I expect Nifty to cross 5200 within next few days and try to attempt 5400 after that.
My scenario is for Nifty to breach 5400 level and then do a mini correction,only to rebound to above 5500 levels and then enter bear market with fall upto ~ 4000 levels.
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