Today was a truely roller Coaster day!! All were expecting Lower circuit but as told early Nifty took support near 3800 and after that there was huge short covering. Market by close was in positive, a swing of 300 points in Nifty. Volumes in Nifty futures was more than 5 crores which is seen after many days.
Now outlook from here. As can be seen from chart, Nifty has touched the 34 EMA which i call the magnet, Price cannot remain far away from it for long!! From the retracement levels we see that Nifty can go near 4200 and then 4300. Chance is there of it again testing 3800. Inflation has again moved up which is a major concern as of now.
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