Nifty bounced up above 6200 and closed well above 6250 with lower volumes and neutral breadth.Important points for today.
1.Nifty up by 1.9% with 1.3 breadth.
2.116 days of rally since the lows of 4786.(Since Nifty has taken out the earlier highs ,so the previous 15 days are just the correction).
Nifty bounced today and made a new yearly high.Though volumes and breadth were not strong indicating divergence.
I hold the view that since Nifty has not capitulated on weekly basis and bounced so another fall may happen for as part of the correction that started from 6284(Possibly irregular abc correction).The strong support level is 5550,so around that is the first possible target of Nifty.But if Nifty continues its uprun next week on strength and above 6350 then I may assume that correction may have ended and the upmove may continue for another 3-5 weeks without any correction.
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