Dec24 Update

Nifty opened gapped down but recovered later to close above 6000 with very low volumes and +ve breadth.

1.Nifty up by 0.5% with 1.5 breadth.
2.19th day since the lows of 5690,33rd day since the highs of 6338.

Nifty closed above 6000 on weekly closing but with very low volumes.Short term trend is up with important resistance at 6050 and 6150-6200.Since Nifty's retracement of the fall from 6338-5690 is slower then the fall,so this short term upmove is likely corrective in nature.I expect the likely target of this upmove to be 6150-6200 but it can also make new highs above 6350 but not much higher than 6338.A drop down is expected to happen in Nifty inorder to complete the first fall from 6338-5690.