Nifty moved sideways today with moderate volumes and +ve breadth with small +ve price action.Important points for today.
1.Nifty moved up by 0.4% with 1.7 breadth.
2.Nifty's 3rd day closing below the rebound of monday,5193.
Nifty moved sideways today with small price action but with positive breadth.Nifty gave up its very +ve breadth in morning , that is indicative of lack of momentum in this leg of upmove.I expect correction to happen in next 1-3 days.For the correction, if the previous low of 4984 is maintained then this move is likely to be wave2 of the 5 wave impulse.But incase 4984 is broken then we may either be going deep down or we may extend the low to 4800-4900 and start the 5 wave impulse upmove.
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