Nifty moved sideways today with low volumes and neutral breadth.Important points for today.
1.Nifty down by 0.1% with 0.9 breadth.
2.39th day since the lows of 4786(33 days of downturn).
Nifty is in tight range of 5350-5450 since last 6 days.Breakout above previous highs of 5399 has not exhibited any momentum.Nifty's Wave5 continues.Whether Wave5 is extending or Nifty is in topping formation cannot be said.Given the momentum,any breakout on upside is expected to fizzle out soon and any breakdown should be sharp and swift given the Optimisim that exists which will result in Buy on dips since that would be a first breakdown of the 16th month bull market.
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