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NIFTY DAILY - BULLS REJOICE

Nifty closed in green at 5115 with splendid gains of 61 odd points.The overall market breadth stood  positive with 786 advances to 669 declines.With this strong up move it is expected to resume the rally ,also it seems to be headed to 5200 in coming days.The markets have become very sensitive,we have a series of global as well as domestic events lined up,which markets are awaiting to react to,viewing this markets expected to become choppy and volatile.Fundamentals still remains weak,hence it is really difficult to tell where this rally would fizzle out.
      Technically the markets have bounced from the 78.6 % retracement level forming a double bottom,resembling bullish sign,recommendation is on the long side.With this move markets have violated and managed to stay above the dynamic 200 DMA level,which is an effective sentiment indicator.The MACD is trading with positive crossover but still below the zero line
                                                          The markets have also crossed the short term averages of 20 and 40 DMA adding more to bullishness.

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