Recovery expected,nifty can touch 5300.

We can see a 400 points rally in nifty either today or tomorrow, as the type of candle formed in nifty chart gives an indication of bottom forming or formed. Bothways its quite clear that some bounce back is expected and 5300 is the maximum target for nifty right now, if it crosses this level on closing basis then 5450-5500 can also be acheived, above which its quite difficult to see that if it can touch 6000 levels or not.
FED rate cut is good for our markets and will improve overseas liquidity, but such a massive fall can be recovered by friday closing, is yet to be seen, falling is easy, climbing is difficult, its all GRAVITY!

Correction visible? Mixed movements expected.

I have been on a long holiday since October end 2007 as i got married at that time and went on a honeymoon, after coming back from kerela i was happy to see the market heading towards 18000 and later on as i got busy with pending work, market touched 20000, and now its 20000+ in Jan08.
From here on the regular updates will come on this blog.
Reliance looks pretty stretched up and obviously highly highly overbought,this is the culprit which is going to spoil the rally and this is the one which lead the rally as well.
For today watchout for the support at 3110,below which a straight 3050-3040 levels can be seen.
Also Nifty seems to be making a falling continous pattern in candlesticks, which if falls true in coming days (if nifty closes below 6000) then its going to be disastrous for our market.
Best of Luck!