Nifty had a small bounce after yesterdays sell off.Breadth was +ve and volumes were moderate, today being the expiry day.Important points for today
1.Nifty moved up by 0.8% with 2.3 breadth.
2.Nifty bounced up after 2 days of selloff.
3.15 days since Nifty made a new high of 5399.
Nifty hovering in 5200-5400 range for more than a month now.The wave count options are still many, so difficult to choose one.One important point though is that since feb6th, 55 days have gone by and the previous two rallies have been of 59 & 66 days.Also its been 15 days since Nifty made a high of 5399.(90 points higher than the previous high of 5309).
Also this points to one thing that Nifty lacks the momentum on the upside.So Nifty should undergo a big correction inorder to gain momentum OR Nifty will start its bear run (C-wave) soon.Let us see how will be this month's closing.
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