Jun28 update

Nifty bounced up today with moderate volumes and +ve breadth and closed reversed about 80% of the fall of 4 days.Important points for today.

1.Nifty up by 1.3% with 2.1 breadth.
2.24th day of rally since 4786 lows(33 days of downturn).

Nifty bounced strongly today without going into -ve territory indicating that the correction of last 4 days is over.Nifty's upward momentum as pointed to by the breadth is not strong enough to propel it significantly higher.This will be the 3rd rally of this upmove from 4786 lows.Either this should be the last rally or its B of wave4 to be followed by wave5.Further movement of nifty should give clue about the character of this rally.The last 2 rallies have been of 43 days(nov-Jan) and 40 days(Feb-Apr) and the last downturn was of 33 days.I expect the current rally to maximum go for about 40 days and probably for ~ 30 days.