Nifty bounced above 5800 but with lower volumes and neutral breadth.Important points for today.
1.Nifty up by 1.4% with 1.15 breadth.
2.15 days since the highs of 6338.
Nifty has a bounce today after 4 days of fall.Nifty now faces resistance at 5850 -5930 .Nifty may rally for few days before falling back below 5700 again.I dont think Niifty has made a capitulating move for this 14 day fall,So I would look for another leg down probably a little lower than the previous low of 5690(1-3%) inorder to signal capitulation move of Nifty.Also if Nifty has already made a short term low,then Nifty should sustain above 5930-5950 levels for more upside moves.
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