Nifty bounced strongly to close above 4850 with low volumes and +ve breadth. Important points for today.
1.Nifty up by 3.0% with 3.0 breadth.
2.260th day since the highs of 6338.
Nifty's bounce indicates that Nifty is forming a base round 4600 levels.The severity of bounce indicates that Nifty may remain in upward bias for atleast 3-5 days.Retest of 4639 is likely to happen either by next week, but if that does not happen then December is likely to trade with upward bias upto 5100 levels.November's range till today is 687 points.
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