The previous analysis again paid us well; as discussed Broader term cycle of Bottoms pointed its effect, and the Nifty Index bounced from the lows.
The coming month of September holds a lot of significance for the ongoing rally. I will post a separate and detailed analysis on that in the next couple of days.
At present, Index can rise more 200-300 points from here before showing some correction.
For further rally Nifty 50 Index has to break & hold above 11630-700 Price range; above that 11790/11920 levels can be seen. But if Index failed to move or stay above 11630-700 range, then dip can be seen.
The 70 points range is big, but that is what analysis is suggesting at present. One can also play both sides by taking 11630 and 11700 as reference levels. But for that, keep proper hourly and Daily time frame chart with significant levels.
Watch the above Price ranges & market’s action near to it, for making the Right decision.- Divesh