Nifty Watch:- A strong upmove, starting from a low made at 5175 continued with the Nifty touching 5500 befoer retreating a bit. The Index is currently in the 5450 - 5500 resistance area. If and when the Nifty crosses this area, the next resistance comes at 5700 approx. Yesterday's notes are repeated for readers since they remain relevant.
1. After almost seven weeks of declines, the Nifty is oversold, ready for a correction on the upside. The current upmove is probably that correction.
2. Time Correction: The up move may last anywhere between three to four weeks, in terms of time.
3. Price Correction: markets have fallen by 1050 points approx. A correction can see the Nifty rally by 400 to 550 points, giving targets of 5580 to 5730 approx. These are only estimates.
Level:- Looking for support first at 5450 and then at 5380.. The resistance comes at 5500.
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