The rally looked strong yesterday and continued strength might result into further short squeeze. Aggressive traders please cover your short positions for now as Nifty has broken above the downward sloping trendline that has been acting as a very strong resistance since the fall that started from 5700 levels.
A strong positive confirmation is obtained as Nifty closed above 4900. We might be now headed towards 5100-5200 levels. Time cycles are also supporting this positive development. 4820 is now crucial support which should not be breached atleast for 1 to 2 weeks. Movement above 5200 will suggest significant bottom might be in place.
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