Nifty bounced strongly and went above 5600 but gave up some gains later to close below 5550 with moderate volumes and +ve breadth.Important points for today.
1.Nifty up by 1.1% with 1.8 breadth.
2.62nd day since the lows of 5177,128th day since the highs of 6338.
3.15th day since the swing high of 5906.
Nifty is in sideways mode for 6 days now after falling to 5440 levels in a steep decline of 9 days.I expect Nifty to retest 5200-5400 region in coming days.Only After that ,I expect Nifty could begin a sustainable uptrend.The downtrend that started from November 1st week, is already 6 months/27 weeks old.From time perspective also,Nifty should be bottoming out on medium term basis soon.
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