NIFTY

NIFTY (7222) - Chart of NIFTY was posted on 15th Jan  with marking. (that time it was trading at 7500+.)

Once again i repeat the same chart with same marking and now it includes  the Budget day low.

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NIFTY 2011-2016

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NIFTY 2008-2016

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After gone through the above two charts,

any body can understand the importance of 6800+.

Can come to a conclusion that  completed the first leg of rally top of 9119 and its correction bottom of 6825. 

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Now it is time to start the second leg of upward rally but it is very long time consuming process.

(lot of consolidation , congestion, grinding and little bit of volatility will be part of the process)

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In case if it close below 6800, then we will look the next downside pan out until then forget the down side other than 6800+ bottom.