15, May
Nifty 3650.50
Today, If Nifty doesn’t violate 3634 level it could quickly rebound from that level and a cross-over above 3675 region would confirm the bottom.
If it moves below 3634 level quickly in the morning itself, then Nifty could bottom out around 3590-3610 levels. If that is the case, then the stop can be kept at 3570. A move above 3675 would confirm the bottom.
Once Nifty bottoms out, it could move towards 3710 region initially, in one or two trading sessions.
Nifty is forming a bullish triangle pattern, and at present, Nifty is well within the pattern and it is about to break out in the upside in coming trading sessions. Only if Nifty moves below 3550 region, the bullish view on Nifty would get negated. So, until such time, the lower levels can be used to initiate long positions.
As previously mentioned, Nifty is about to explode in the upside in coming trading sessions and it could test 4200 region in a very short span of time.
