Contrary to my expectation, the Nifty rallied above 4563 and closed at a much higher level of 4605 supported by FII buying. Though I had expected a sharp recovery to happen, I had expected after a little more of correction. And this is the reason why I had mentioned about the view to be taken in case market crosses above 4563.
The market would now try to scale above 4700 with conviction. Though I do not think that it would be able to maintain this velocity shown in last two sessions. In case Nifty is able to scale above 4700 in next few sessions, the Nifty’s next target would be 4900-5000. You need to be sure what you are buying in this market. The market is purely liquidity driven and most investments would now be a momentum play.
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