Nifty gapped down and bounced from there to close above 5300 with higher volumes and slightly +ve breadth.Important points for today.
1.Nifty up by 1.1% with 1.4 breadth.
2.26th day since the lows of 4786(33 days of downturn).
Nifty was doing an ABC correction over the last 6 days.Todays rally should be the start of Wave5 from 5210.Wave 5 is 110 points till today.Though Wave5 can go to 5500+ but I expect Wave5 to remain below 5400 as above 5500 ,its easy to spot the terminal point.But if wave5 extends then Nifty can possibly go to 5500+. Todays monthly closing made a new monthly high(34 points above previous April high of 5278).Completion of Wave5 ,I expect can see the start of the C leg of the Bear market.
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