Nifty bounced back today closing above 6000 with lower volumes and +ve breadth.Important points for today.
1.Nifty up by 2.1% with 2.1 breadth.
2.10 the day since the highs of 6338.
Nifty may have formed a short term bottom at 5863.With todays big bounce,I expect todays rally may be Wave B(A-B-C correction) or a new impulsive move.If todays upmove is just retracement of the 2 week fall then 6150-6200 is the upper target with intermediate resistance coming in at 6050 also.But if Nifty sustains above the resistance levels, then it may be headed to new highs above 6300.For ABC correction I expect the time frame to be upto 10dec( 3weeks more).
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