Nifty formed a low of 4747 on closing of 26 Aug 2011. This looks to be the bottom for the current correction and Nifty (as well as other indices) seems bottomed out here. It is recommended to cut all short positions and go long. With Nifty PE reaching sub 18 levels, fresh buying can be done in the markets.
Note - Though this is the end of correction in the short term, the confirmation of an sustained up trend is yet to come on the charts. Hence, the mood remains cautiously positive.
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