I had posted yesterday that for the bull market to continue, Nifty had to close above 7715 (the reasoning for this too had been posted 1 month ago, in this Feb 25 post).
However, yesterday, Nifty closed at 7704 even though it went past 7715
Today also, Nifty failed at 7715 even though it briefly crossed it.
What we're seeing so far (March rally) is the result of huge short covering (loss recovery for those who were short in Jan/Feb) and a "pre rally". It's not a full blown rally as yet.
Nifty won't be out of the woods until it closes beyond 7842
Chart posted here: http://www.traderji.com/equities/101170-market-cycle-dates.html#post1146425
However, yesterday, Nifty closed at 7704 even though it went past 7715
Today also, Nifty failed at 7715 even though it briefly crossed it.
What we're seeing so far (March rally) is the result of huge short covering (loss recovery for those who were short in Jan/Feb) and a "pre rally". It's not a full blown rally as yet.
Nifty won't be out of the woods until it closes beyond 7842
Chart posted here: http://www.traderji.com/equities/101170-market-cycle-dates.html#post1146425
Today NIFTY closes at 7714.90, only razor thin less than 7715. Please elaborate, what is so special about 7715