NIFTY UPDATE

NIFTY; gave a close above 16,100. Personally was expecting a lower low below MARCH low then a bounce of similar velocity which we witnessed Yesterday! But the low held and markets gave a closing above 16,100! Now markets have given a clear indication what they want to do. For short term look for buying trades rather then selling trades. Utilize dipps to add calls for june series! The real test for this counter rally would come in the zone of 16,550-16,600, which is a (HARMONIC CHANNEL) area. Once the pattern strengthens further NIFTY even can test levels above 17,000 on spot. But for now need to take 1 step at a time! Accept short term trades avoid entering this market for long term. That time has not came yet. For now have cash, would deploy that after few months!