Nifty 7880 (+71): A relief rally

Am sure today many of them would have lost atleast some or part of the wealth though market ended in +ve territory. Since i entered the financial markets had never witnessed such a wide range of volatility on Nifty. But technically, Nifty took support exactly at the 100 Weekly average (dotted line in graph) at around 7670 which was crucial one. This support hadnt been breached on EOD basis since 14-9-2012 which makes this time for markets where dangerous. But as you all guys could see a gap which is relevant due its presence on weekly chart, we now could forward to fill up the gap which coincide with my wave calculation for relief rally. Indicators too on weekly charts are expecting a recovery momentum but this could be only the expiry play after which we could again see a free fall on the index. Medium term outlook has weaken so playing long would be a bit volatile play. For the short term we could surely be on the long side with the upside capped in the range of 8225-8300. 

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