Well, I never expected Nifty to hold the 60xx levels during the correction (previous post here). As usual, Nifty did what it had to – a nice bounce from the levels albeit after a bit of teasing by going below 6000 levels. While Bulls are still not out of the woods but, the Bears have long way to go for touch-down. If Nifty manages to convincingly take out the previous top, then tagging 70xx levels might happen in jiffy (within 6 months – we know the 2014 election results then). It looks like the bullish scenario will pan out, quite a rosy picture for the bulls. But, I’m just trading and refraining from exploring any investing options.
Charts below …
