Nifty had a light low day. Most stocks after the breakout tries to come back to its breakout level so that weak hands runs out of fear and strong hands collect the stocks. At the end of the day funds/big investors wants to make most money and if they see the easy available stocks they try to get it. Good news is that Nifty closed in the middle and didn't so weakness. Almost like a war between bulls and bears; and nobody won todays war.
Since it touched the breakout point and came back up that shows market is still strong and somebody is buying big time here. Another intrepretation is that, on low day with high volume shows weakness.
But looking at the current situation, I am still going to pick the first scenario. Most major stocks ended up near the resistance zones hence we may be seeing doji kind of setup in Nifty. As I said yesterday, little consolidation in this area can be good for next big move (up or down). I am still sticking with my point here and still bullish until Nifty closes below 4800.
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