Nifty bounced up strongly making new highs with moderate volumes and +ve breadth.Important points for today.
1.Nifty up by 1.8% with 3.1 breadth.
2.74th day of rally since the lows of 4786(33 days of downturn.
Nifty made a strong comeback with +ve breadth.Given the breadth,Nifty is likely to be in a rally mode for another 2-3 days atleast before a short term correction/ consolidation.This rally now is the longest rally of the bull market from Mar09.
Since weekly retracement of the 1 week fall in Nifty was ~60%,So if the weekly closing this week is below the previous highest weekly close of 5530,then this rally could well be suckers rally before the fall,else Nifty will again make some topping Pattern.My expectation is that now to Oct15 is a very high probability zone of big fall in Nifty.6-10 days from the top is when Nifty may make a dip as Nifty stays in correction for 6-8 days before bouncing back.All eyes are waiting for Nifty to undergo correction,So 6-10 days is where i see Nifty could surprise even the bears.
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