Nifty moved in a very narrow range of about 25 points.Breadth was -ve and volumes on low- moderate.Since Nifty too out 5262 high of last week, so days of this week should add to the rally from feb6 ie 33 days of the rally till now.
Important points for today
1. Nifty upmove of 0.4% with 0.75 breadth.
2. 33 days of rally since feb6.
3. Wave 5 daily going on with weak breadth and price action.Reversal expected anytime now.
4. 7th consecutive up week.
Wave 5 daily is going since 3 days, but its weak.So Expect Wave2 weekly to begin soon(maybe from monday).Nifty can form a base @5100-5200 on weekly basis inorder to move higher towards 5500+.Let us see correction/consolidation unfolds now over next 2-3 weeks.
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