Nifty bounced back above 5400 with lower volumes and +ve breadth.Important points for today.
1.Nifty up by 1.2% with 1.7 breadth.
2.6th day since the highs of 5475.
Nifty regained most of the lost ground since the last 5 days.The bounce is approx 80% of the fall of previous 5 days.If the bounce continues for 1-2 days more than it would be an impulsive move likely to move above 5500.But if today's rally fizzles out tomorrow and Nifty closes in -ve and follows it up -ve days for 1-2 days more than today's rally may just be a retracement of the fall of 5 days.I do not considered a blowout upside rally as of now.
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