Nifty Update

• Nifty has come out of the narrow range from 5880 to 5960..so the short term direction is UP
• We seem to be coming out of the larger range of 5700 to 6100…
• If you analyse the market from a Dow theory point of view we are still in a bull market…we have made a pattern of higher tops and higher bottoms. The last significant bottom was 5350 and now in this November crash a new higher bottom of 5700 has been made.
• Western, European and Asian Indices all continue to be in uptrends so the global scenario is conducive for an upmove
• If you put all these things together it is likely that the correction we saw in November was a pullback and the uptrend should resume.
• There is a strong probability that we cross lifetime highs of 6350 and once we cross that a 10% upmove from there is likely