Nifty bounced strongly to close just below 5300 with moderate volumes and +ve breadth. Important points for today.
1. Nifty up by 2.3% with 3.1 breadth.
2. 344th day since the highs of 6338,70th day since the lows of 4531, 27th day since the swing highs of 5629.
Nifty had a strong bounce.Till Nifty stays within 5100-5500 zone, the up/down moves will be corrective sideways movement.Nifty has ended this month with a range of 364 points and 1st quarter has a range of 1041 points.I see a good chance of Nifty making a final low of the bear market from Nov'2010 in the next quarter.But if Nifty surpasses 5500 levels on daily/weekly basis, then bear case will be wrong.
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