Nifty moved sideways for most part but surged upwards during last half an hour,breadth was +ve and volumes were moderate.Important points for today.
1.Nifty moved up by 1% with 1.8 breadth.
2.6th day of rally from 4786 lows.
Nifty closed above 5000 after a late surge.Todays closing retraced ~45% of yesterdays fall,this only indicates that the fall from 5097 is not likely to be a deep one.Now I expect Nifty to either go to around 4900 levels and resume its uptrend or it may have already started its uptrend after the fall.In case Nifty falls below 4900 , expect it to test the previous lows of 4786(may breach by small or may not breach) and bounce back(but this retest looks less likely after todays bounce).
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