Nifty moved in a very narrow range with very thin volumes and neutral breadth.Important points for today.
1.Nifty down by .04% with 1.1 breadth.
2.29th day since the lows of 4786(33 days of downturn).
Nifty moved sideways inside previous days range with very low volumes.Today was 10th day since the high of 5366 was hit.Though the number of days ie 10 since the high indicate that high is in place but downward price action is limited to 3% from top(5210).Also Nifty has been resisted 3 times above 5300 .All this indicates to me that Nifty can make an attempt to go above 5300/5366 again, but it shud be a weak one.So I expect Nifty to either spiral down or make another weak attempt at 5300-5400 zone before turning down.Today was 29th day from the lows of 4786,so I expect that Nifty if it goes up may not spend more than 3-4 days up.
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