Nifty bounced up sharply with moderate volumes and +ve breadth.Important points for today.
1.Nifty up by 1.7% with 6.8 breadth.
2.3rd day since the lows of 5690,17th day since the highs of 6338.
Nifty closed above 5950 levels,above the resistance zone of 5930.Todays move exhibited good strength,so if sustained for another few days could indicate that it is an impulsive move.But Nifty has not formed a double bottom for such a sharp slide of 3 weeks,so I would look for a Pullback/Pause of this rally to see till What levels will Nifty retrace.I expect the downleg to begin sometime next week.If that does not happen,Nifty could well make a new high in December and crack down in early January.
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