Nifty crossed 5250 on open but moved sideways all day with higher volumes and neutral breadth.Important points for today.
1.Nifty up by 0.2% with 1.0 breadth.
2.16 days of rally since 4786 lows(33 days of downturn).
3.6th consecutive day of +ve closing.
Nifty's opening was at the highs of the day but it lost momentum as the day progressed.Breadth of Nifty is close to neutral now for last 2days indicating upside momentum in this leg that started from 4967 is nearly over.So some correction in Nifty is expected in next 1-3 days.I expect that if the correction stays above 5100 then Nifty will likely make an attempt at higher levels but if Nifty closes below 5100 levels then the rally from 4786 may well be over.
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