Nifty opened on a positive note and trended higher as the session progressed. It ended with a gain of 32 points at 6135. With today’s close the Stop loss that we had been recommending for creating short positions have been triggered. However it is too early to revert to a positive view as structurally the up move since Nov Lows appear to be corrective in nature. We would like to add that the upsides still remain capped as presently Nifty appears highly overbought on the hourly charts and is completing a corrective pattern. Our estimate is that there should be a near term top in place for this rally on Monday based on important time ratios. Going by the structure there is an impending correction which can drag the Nifty down by at least 2% in next two to three sessions. Our target on the downside is 6000. Only sustenance above 6200 would force us to change the bearish outlook.
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