Mar15 Update

Nifty opened gapped down below 5400 levels but bounced from thereon to close above 5400 levels with moderate volumes and -ve breadth.Important points for today.

1.Nifty down by 1.5% with 0.25 breadth.
2.22nd day since the lows of 5177,88th day since the highs of 6338.

Nifty broke the previous swing low of 5408 but bounced from lower levels.Today was the 7th day of sideways movement after 5 days of upmove.Since Nifty has bounced from lower levels after breaching the previous low,Nifty may move up now if it closed above 5400 tomorrow also.I expect that 5600 + may be seen by friday.But this upmove may well be the last move before Nifty turns down.