From around 6250, i had written about a top, with targets of 5924 and than 5700, yesterday nifty made a low of 5966. looking at extreme oversold conditions of short term momentum indicators and seeing the development of a FALLING WEDGE in sbi and strength in reliance, it seems that we will have atleast a pullback rally on the upside.
please note that upper side is capped around 6128-6166, so for the higher targets, nifty has to close above 6166.
if that happens ,we can see even newer highs for sensex-nifty.
we will catch the upmove using intraday charts in its early stage.
if the upside resumes, reliance, sbi ,ranbaxy, tata chemical, cipla looks very positive.
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