In my previous post I mentioned about possible Bottom in Nifty upon breakout above 8550. After testing 8000 on News of Demonetization Nifty rebounded sharply. Bulls tried to cross 8550 however failed to sustain above it. Nifty started declining again and tested 7916. Nifty tested important support of previous Swing Low and started bouncing again and closed above 8100.
Currently we need to watch price action near 8330 and 8550 carefully to determine future course of action. Currently there may be a Bounce in Nifty and the Final Bottom may occur in Jan 2017. Investors need to find Stock specific Opportunity to make Investment in Equities. Those who missed the Opportunity in Feb 2016 can surely look to Invest in next 2 months.
Thanks & Regards,