Nifty moved sideways today extending the intraday lows from yesterday.Important points for today.
1.Nifty up by 0.1% with 1.8 breadth.
2.21st day since lows of 4786(33 days of downturn).
Nifty's sideway movement confirms that the leg from 4967 has ended and correction of this leg(or the entire rally from 4786?)is underway.If Nifty stays above 5300 on closing basis for another 1-2 days,this would be a potential topping pattern of the rally from 4786.With todays closing Nifty after rallying for 9 days is within a short range since last 3 days.The possibility of another leg up is there and for that I expect Nifty to correct to 5200-5250 before again going upwards of 5300+.
No comments:
Post a Comment