Sep24 Update

Nifty reversed the loss of last two days and closed above 6000 levels with moderate volumes and +ve breadth.Important points for today.

1.Nifty up by 1.0% with 1.9 breadth.
2.87th day of rally since the lows of 4786(33 days of downturn).
3.4th consecutive up week.11.5% rally in these 4 weeks.

Nifty made a weekly close above 6000.Since Nifty has rebounded ,so I expect it move higher for few days before reversing again.Swing low of 5932 will be a critical level and if broken will indicate Nifty's reversal now.But since Nifty's correction looks very likely now,so Nifty could correct partially(upto 5500-5600) and bounce back and make a new high before finally reversing for the complete reversal.Also Seasonally, Nifty has October last week as its Low week quite often,So 1-2 week before and after October last week is the likely Low for the Nifty.September closing will clear up some scenarios of the Nifty ahead.