Last 13 months trend of corrections(short and intermediate term) after new top has been finished amid blasting global cues and forceful bullish rally has been started now. Although sharp rally started yesterday but about this rally I told more than 10 times in recent past in the following words:-
"No significant resistance between 5550-6000 and sharp upmoves will be seen within this range"
For corrections I am telling following words Since long and repeating today:-
1- Only intraday,minor and short term corrections will be seen.
2- Complete selling patterns are required on intraday and daily charts for short,intermediate term and any deeper correction. Testing of following supports should be considered after above mentioned correction develpments only:-
1- 5575-5585
1- 5475-5500
2- 5350-5380(Strong support and levels below 5380 can not be imagined without complete selling patterns on daily and weekly charts)
Strong bull rally is on cards and keep in mind following 2 Indian market's bull rallies because its repetition is also possible:-
1- Jan 1992 to Apr 1992 rally.
2- Sep 2007 to Dec 2007 rally.
Only difference between above 2 rallies and on going rally is that above 2 were Wave 5 rallies and on going rally is Wave 3 rally. Remain bullish in bull rallies and be bearish only after complete selling patterns.
Today trading levels are as follows:-
5855- Expected that Nifty will not move above it today.
5805- Higher level of today expected range.
5720- Lower level of today expected range.
5675- Expected that Nifty will not move below it today.
Market is heated and very short term indicators are overbought therefore minor intra correction and voltality possibility after some profit booking can not be ruled out. Cooling down of market and flat closing expected today.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
