Anticipated (at 12.8k) corrective rally is (still) in force. The recent down move was halted at 13.7k, as against perceived support at 13.5k-13.8k. And the subsequent rise, past “island” gap area of 14484-14608, has negated the bearish implication of “Island” reversal, all together.
Expect a continuation in the uptrend, unless seen a dip below 14150(cl), towards near term price (min) objective of 15259-15390 i.e. previous ‘unfilled’ gap down area.
Being a corrective (to a fall from 17735-12514), the rally will be a complex affair rather than straight up move. Strategies based on individual stocks will be more rewarding rather than “wholesale” index based approach.
