29, May
Nifty 3209.60
If Nifty sustains above 3200 region and moves past 3250 region, as previously mentioned, it could move towards 3350-3400 region.
On the other hand, if the region 3140 is violated in the downside, it could move towards 3050 region. Even if it tests 3050 region, it could rebound from that level. Only below 3000 region, Nifty could turn weak further to go below its earlier low of 2896.
If Acc sustains above 785 region, it could move towards 850. If reliance sustains above 940 region, it could move towards 1000.
The level 3000-3050 level is crucial for deciding whether a bottom was already formed or there is still some downside. As long as Nifty stays above 3000-3050 level, there is a strong possiblity of a bottom being formed.
If 2896 is the bottom, then we could see a strong rally towards 3650 region initially.
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.
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