23, May
Nifty 3081.35
Yesterday, I mentioned that 3050 region is the tip of the running triangle. On previous day Nifty closed at 3081.35 and it is well above 3050 level. It seems that a bottom is formed, provided Nifty doesn’t go below 3000 in coming trading sessions. For today’s trading, if the region 3000 is not violated, we could see a rally towards 3300 region initially. If that is the case, then we could see strong rally in frontline counters.
On the other hand, if Nifty moves below 3000 level, it could move below its previous low of 2896 and it could test 2800 level.
It seems that the overall trend in the Nifty continues to be bullish. Nifty has retraced around 25 percent from the high in percentage terms. Any percentage of retracement with in one third ( 33% ) retracement level is acceptable for a bull market correction.
