==>> Nifty once again above 4600 levels

It’s been a sign of relief for the bulls in the markets. Indian markets saw a splendid rally. Nifty once again surged up sharply and closed above 4600 levels. Sensex closed nearly 500 points higher and Nifty closed 150 points up. Yesterday when the markets were on, I had mentioned that if the markets recover and closes marginally down, then we might see some bull back. And the same was mentioned in my blog too (http://www.technicalsvishaldangaich.blogspot.com/ ). A candle stick made on Tuesday and the confirmation on the next day stated that the selling pressure has been stopped. In the last 3 days Nifty made a low below 4440 levels, but some how managed to stop above the same, and if the Nifty stays above 4440 levels then we might see some buyers shopping in the markets.
Today markets opened up strong. Indices opened up and continued its rally for the rest of the day. Indices closed near to their intraday high. After a long time, unfortunately there are no LOOSERS in the NSE and the BSE index. All the frontline stocks have contributed to the rally. Most of the Midcap shares were locked in their upper circuit or rallied 5%-20%. Yesterday I had given call on the Real Estate stocks, that some serious buying is seen in the sector. Most of the stocks zoomed.
Nifty closed at 4611 up by 154 points or 3.31%. Sensex surged more that 500 points to close above 15500. Sensex closed at 15518 up 498 points or 3.32%. Last 3 days chart pattern has been absorbed by a single bullish candle. The RSI and the Nifty chart are trending perfectly in the same direction and yesterday only they have turned up. If the rally continues then Nifty will surpass 4700 -4800 levels this time. Nifty will continue to have good support at 4513 and 4440 levels in extreme case. Nifty will face resistance at 4625-4649-4690 levels. Till the time Nifty closes below 4440 for 2 days, do not panic. Yesterday good amount of short covering happened in the market on back of excellent IIP data as compared on MOM and YOY basis. Many shorts positions had been created due to deficit in the monsoon.