Nifty continued its rally into 7th day with moderate volumes and +ve breadth.Important points for today.
1.Nifty up by 1.8% with 2.8 breadth.
2.7th day of rally from 4786 lows.(after 33 days of downturn)
3.6 days up out of last 7,with 5 days more than 1% up.
Nifty moved strongly beyond 5100 levels and closed above it.This is a strong momentum that Nifty is exhibiting.I expect Nifty to move beyond 5400 in this strong momentum before it undergoes further correction.With Oil price meeting setup for Monday,a big trigger for index heavy weights,Nifty could surge incase of a favourable outcome. On the down scenario , I think that Nifty is currently trading well above day ema,so incase of -ve cues coming up Nifty will churn around 5100-5200 levels for few days before turning down.This scenario is less likely to me at this moment.
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