Nifty Close 5982 (spot) : A possible Reversal Area : Fibo Retracements of 38.2%.
After sharp decline in last 5 trading sessions & highly volatile markets are poised for some dead cat bounce. the possible bounce back area is upto 6060 & 6120. Close above 6120 for 2-3 trading sessions can lead markets to Test recent tops & can even make newer ones.
The arguments gets invalid if Nifty closes below 5959 for 2 consecutive trading sessions. Stk specific actions may be see in I.T & Banking Stocks. Also metals are hammered in fast & furious way, these are the heavy weights which may give strong support at lower levels & may even turnaround.
Provisional FII & DII nos updated on www.AlliesFin.BlogSpot.com ( Chk out )
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