Bears sucked out of Nifty completely

Vacuum cleaner has sucked out all Bears in a day from the Nifty charts. As i mentioned yesterday, 7772 was the hurdle but we opened way above the hurdle and confirmed short term rally with a close above number of resistances. Technically, now the gates have reopened for upside target of 8100 in june expiry but alot would be dependent on OPEC meet and Bank policy which are on 2 June and 7th June respectively. The last two weeks correction could be attributed to extended consolidation wave patterns on daily charts of Nifty. Today we have got close above 200 day average which was around 7810. Two more close above 200 day average and we are all set for medium term target of 8450. Now Supports on downside could be at 7810 and 7690 for next expiry. Overall stay Bullish on stocks and indices for june expiry but with strict stop loss.

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