Nifty dipped at open and bounced back to close above 5850 with higher volumes and +ve breadth.Important points for today.
1.Nifty up by 1.6% with 3.0 breadth.
2.10th day since the lows of 5690,24th day since the highs of 6338.
Nifty bounced today to close above 5850.Nifty may have reversed on upside for short term here.If true then Nifty would likely go above 6069/6100 levels in next few days.
Nifty is undergoing medium term correction and I don't see it has been completed.
I expect another leg on downside.So this upside may just be part of corrective move of Nifty since 5690 .Once this corrective move is over,most likely above 6100/6150 ,Nifty may slide down sharply.
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