SHORT SQUEEZE OR RALLY

Despite weakness from morning Nifty moved quickly in the last hour to its target of 3050-60...after crossing 2990 which was resistance of the day.The short term target is 3078 beyond which we will be heading towards 3150 zone. Supports now at 2990 , below which they are at 2950 zone. The close over 2860 for a few days , gave strenght to the markets and they have been marching ahead despite all bad news..Will advise caution here and any buy has to be done only on good dips. Take care cheers.