After a volatile opening Nifty stabilized in the fist half of the session and staged a dramatic recovery in the latter half to conclude the day with a gain of 109 points at 5863. The severe correction that started early last week now seems to have abated near our mentioned support of 5750. We had advocated refraining from any fresh selling as Nifty had turned deeply oversold on hourly charts and had recommended a wait and watch strategy before creating any fresh long positions. Going forward there is a potential of a further upside in the immediate term as Nifty has formed morning star pattern on the daily chart. We have an immediate target of 5940 in the couple of sessions and beyond that this bounce can extend close to 6000 level on Nifty. We recommend buying on minor declines, placing a stop loss of 5740.
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