Nifty may continue its rebound till 10,650

The Nifty continues to rise, although the momentum of the uptrend has slowed. It has now pulled above the 10,500 mark, which is well above the 200-Day Moving Average (200-DMA). This could still be a dead-cat bounce. But, there are fair chances that the Nifty will continue its rebound till around the 10,600-10,650 mark. This is likely to be a trading zone of 10,300-10,600. Breakouts from either side of this range will probably lead to a 300-point move till either 10,000 or 10,900. 

The index move above 10,450 establishes a pattern of higher highs, which suggests an intermediate uptrend. A breakout