25, May
Nifty 3115.55
If Nifty sustains above 3050 level and rebounds quickly towards 3180 region, it has possibility of testing 3350-3400 level in one or two trading sessions.
On the other hand, if the region 3050 is violated in the downside, it could move towards 3000 region. Even this level is not held, we could see a sharp fall towards it previous low of 2896. Below this low we can expect atleast another 150 points fall. Be alert, if Nifty moves below 3050 region.
The level 3000-3050 level is crucial for deciding whether a bottom was already formed or there is still some downside.
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.
