Nifty moved up above 5900 with lower volumes and +ve breadth.Important points for today.
1.Nifty up by 0.8% with 3.3 breadth.
2.11days since the lows of 5690,25 days since the highs of 6338.
Nifty closed above 5900 levels and above 5ema.It appears Nifty is in 5800-6100 range now.I see the move of last 11 days ie since 5690 as corrective move of the downfall from 6338-5690.If true then Nifty should topout at ~6100-6200 levels and then fall again below 5690.
Any momentum fall below 5690 will likely be 2nd leg of the downfall.
On the bullish side,Nifty may have formed a double bottom or may form a double bottom around/Just below 5690.If such a move happens that does not go much below 5690,only then I would consider that as double bottom.
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