Nifty bounced back with Very positive breadth and moderate volumes.Today's breadth indicates that Nifty should move up for atleast 2-3 days more.Important points for today.
1.Nifty up by 0.8% with 4.3 breadth.
2.The rally from Feb6th is still continuing.Today being the 37th day.
3.Nifty is up for 8th consecutive week.
Todays bounce with such a positive breadth indicates that Nifty has started its Wave5 daily.Nifty should be able to reach/cross 5400 in this upmove.After this move ends,either that is the end of year long rally, or this could Just be the end of Wave1 on weekly.So in both cases,We can expect a correction of atleast ~50-60% of rally ie
0.6x(700+) = 400-450 points.
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