Nifty slid below 5200 levels but bounced back to close above 5300 levels with moderate volumes and +ve breadth.Important points for today.
1.Nifty up by 1.6% with 4.4 breadth.
2.28th day since 6181,67th day since the lows of 6338.
Nifty bounced from below 5200 levels to close above 5300 levels.Nifty has likely formed a short term bottom just below 5200 levels.After today's breadth,Nifty is likely to rally further for atleast 2-3 days.Next resistances for Nifty should be at 5400-5450=>5550-5600=>5650-5750 levels.Reversal from above resistances should take Nifty back to around 5100-5200 levels.If Nifty reverses from 1st resistance around 5400 levels next week,then Nifty may likely break today's low of 5177.The medium term trend remains down for Nifty and I expect that after the corrective rally gets over ,Nifty will resume its downtrend.So any longs should be bought for short term trading only.
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