Nifty moved sideways with positive bias with low volumes and neutral breadth.Important points for today.
1.Nifty moved up by 0.5% with 0.9 breadth.
2.8th day of rally from 4786 lows(with 7 up days in last 8 days).
3.Daily and weekly closing are above the 5ema.
Nifty continued its upmove and ended the week with 1.4% gain.There has been 1 correction till now in this upmove of Nifty.Typically 2-3 Corrections/Pauses are there in one complete impulsive wave of Nifty.The momentum is quite strong in Nifty and if this is Wave3 of Nifty after the steep correction to 4960, then there should be a big surge to higher levels next week.-ve breadth and low volumes today are indicative of skepticism on the part of market players about further upmove even after such strong momentum in Nifty from 4786 lows.Price action of Nifty and breadth/volumes are showing divergence.I give more weightage to price action, and this makes me think that strong action of Nifty should be there next week.
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