Nifty protected 5972 level and bounced. This rally(6973 to 6124) has completed 61.8 % of last fall (6212 to 5973).Daily trend turned up, but weekly trend is down.At the same time TP hits. Mixed cues are there. Keep watch on PIVOT and CAM level.
Nifty closed below 6000 level didn't break 5972.If that is protected then correction seems over in price point of view, but it will take time to initiate rally. So side ways movement for some days expected. If 5972 breaks then 5946 is major point to be considered.I f that too breaks then Nifty heading towards 5862/5828 or even lower.Today if close is above 6000 then there will be at least pause for downtrend
Nifty closed below 6000 level didn't break 5972.If that is protected then correction seems over in price point of view, but it will take time to initiate rally. So side ways movement for some days expected. If 5972 breaks then 5946 is major point to be considered.I f that too breaks then Nifty heading towards 5962/5928 or even lower.Today -as it is weekly close- if close is above 6000 then there will be at least pause for downtrend.
